Soybean higher

SYDNEY: U.S. soybeans edged higher on Friday after earlier hitting a six-week low as ample global supplies pushed the oilseed towards two-week losses of nearly 5 percent.

Wheat edged lower but was set to finish the week up 2.5 percent, while corn was flat.

The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $10.12-1/2 per bushel, after hitting a six-week low of $10.09-1/2 a bushel earlier in the session.

"The news flow of late has turned decidedly more bearish.

The U.S. will end season 2016 with a large carryout, estimates of Brazilian 2016 production are still rising, and U.S. planting will be at record levels in 2017," said Madeleine Donlan, analyst, Commonwealth Bank of Australia.

Soybeans on course to post weekly losses of 2.5 percent, extending two-week losses to nearly 5 percent.

Soybeans under pressure after the U.S. Department of Agriculture at its annual outlook conference projected U.S. soybean plantings for 2017 at 88 million acres, a record high if realized.

The figure was just above an average of trade expectations in a Reuters poll for 87.6 million.

Agroconsult, a Brazilian consultancy, on Wednesday raised its forecast for the country´s 2016-17 soy crop to 107.8 million tonnes, up from its Feb. 8 estimate of 105.3 million tonnes.

The most active corn futures fell 0.1 percent to $3.65-1/4 a bushel, having closed down 1.5 percent in the previous session.  Corn is down nearly 1 percent for the week, the second straight weekly fall.