U.S. corn, soy track firm oil after recent losses
SINGAPORE (Reuters) - U.S. soybean and corn futures rose on Friday, recovering from recent losses on a technical rebound and tracking firm crude oil prices.
Wheat was marginally lower as prospects of large global oversupply continued to put pressure on the market.
* Chicago Board of Trade soybeans for August delivery gained 0.7 percent, or 10 cents, to $13.95 a bushel, after falling 9-¼ cents in U.S. trade
* Corn for September delivery delivery advanced 1.1 percent, or 6-½ cents, to $5.79-½ per bushel by 7:23 p.m. EDT.
* Corn gained 1-½ cent in Chicago trade as the market was technically oversold and due for a bounce after plunging from record high prices in late June
* Corn has plunged around 24 percent from its record high in late June and soy has fallen more than 15 percent since hitting record highs in early July on forecasts of large crops amid perfect growing weather in the United States
* September delivery wheat was down 0.6 percent at $7.87-½ per bushel after rising 4-½ cents in Chicago trade.
* Oil prices rebounded from a seven-week low on Thursday in what traders said was technical trading and a short covering bounce after recent declines left the market oversold Grains prices as of 7:34 p.m. EDT
Product Last Change Pct Move End 2007 Ytd Pct move Continued...
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