CBOT soybeans tick up on export demand; corn turns higher
Soy faces pressure from timely rains in South America
Wheat pressured by discounts in Russia, Argentina
Corn higher on technical buying, position adjusting
Adds bullets, adds market closing prices, updates headline, adds details throughout
By P.J. Huffstutter
CHICAGO, Nov 29 (Reuters) - Chicago Board of Trade soybean futures ended slightly higher on Friday on technical trading and a flurry of export demand, market analysts said.
But soybean prices remained under pressure on forecasts for timely showers in Brazil and Argentina, which should continue to aid development in what is expected to be a hefty crop, market analysts said.
Meanwhile, CBOT corn futures rose on technical buying and positiveseasonal trading patterns going into the year-end, and as investors adjusted positions after Thursday's Thanksgiving Day holiday.
And wheatended the session lower after a choppy trading day, pressured by both Russia and Argentina selling crops into the global market at a discount, analysts said.
"The wheat market is a race to the bottom," said Don Roose, president and grain analyst for U.S. Commodities, based in West Des Moines, Iowa. "The question now is how low will they go?
CBOT soybeans Sv1 settled up 3/4-cent at $9.89-1/2 a bushel and corn Cv1 rose 5 cents at $4.33 a bushel. The most-active wheat contract Wv1 ended the session down 1/2-cent at $5.48 a bushel.
U.S. commodities markets were closed on Thursday for the Thanksgiving holiday. CBOT grain and oilseed trading closedearly on Friday at 12:05 p.m. CST (1805 GMT).
The U.S. Department of Agriculture reported weekly 2024-25 U.S. wheat and corn export sales that were in line with trade expectations. But weekly U.S. soybean export sales were above trade estimates, USDA data showed, with strong demand for U.S. soyoil, soymeal and soybeans.
"The soybean buying was driven by demand for China, although that is expected to quickly dry up over the next 30 to 60 days as cheaper Brazilian new-crop supplies become available," Arlan Suderman, chief commodities economist at StoneX, wrote in an analyst note on Friday.
Soyoil futures turned higher, following Malaysian palm oil futures FCPOc3, which rose for a fifth straight session and booked a weekly gain on Friday amid supply concerns.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Reporting By P.J. Huffstutter in Chicago; Editing by Mohammed Safi Shamsi and Mark Porter
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