Grains edged up overnight. Soybeans moved up slightly after a major slide in yesterdays session.Corn gained 0.7 percent while wheat gained more than one percent.
U.S. Soybeans fell 3.8 percent on Thursday, giving up early gains after new weather forecasts boosted expectations of a robust harvest in the U.S. Additionally wheat and corn closed lower.
China’s first soybean auction of the year was off to a flying start with 99.7 percent of what was offered being sold. Additionally, in the second quarter, China’s GDP rose 6.7 percent from a year earlier. Resulting in slightly better number than what economists were expecting.
Exporters sold 320,000 MMT of US soybeans to unknown destinations for a 2016/2017 delivery.
The weather outlook over the weekend and into early next week is calling for rain from the northeast to the southwest across the corn belt. Favored areas include a good portion of the Dakotas, central Nebraska, northeast Iowa,southern Minnesota, southern Wisconsin, northern Illinois, and northern Indiana. The additional showers and lack of notable heat will continue to provide very good pollination conditions through the first half of the week in the corn belt.
Crude futures dipped toward $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery. While the price collapse over the past two years has led to a sharp drop in global oil production, stored inventories remain at high levels, particularly for refined products, weighing on a recovery in prices.
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