Soybeans decline

Reuters

Singapore

Chicago soybean futures were set for a weekly decline on Friday after nine weeks of strong gains as concerns over dry weather eased in key producing area the U.S. Midwest.

Wheat was also set for a weekly decline, its second week of losses, as abundant supplies and an outlook for a bumper U.S. winter crop weighed on prices.

Corn is on track for a sixth week of gains, although the market has given up some of its weather premium.

Chicago Board of Trade soybeans have lost around three percent this week after climbing more than 28 percent in the last nine weeks.

"Rainfall in the U.S. Midwest has improved conditions for the near term but both corn and soybeans have some time before harvest," said Kaname Gokon at brokerage Okato Shoji in Tokyo.