Investing.com - U.S. soybean futures rallied more than 2% on Friday to hit a one-week high as surging demand for soybean products, such as soymeal, boosted prices.
On the Chicago Mercantile Exchange, US soybeans for January delivery hit a session high of $10.4060 a bushel, the most since November 28, before settling at $10.3600, up 25.4 cents, or 2.52%.
On the week, the January soybean contract rose 20.0 cents, or 1.93%.
The U.S. Department of Agriculture announced a sale of 240,000 tons of U.S. soybeans to unknown destinations for delivery in the current marketing season on Friday.
Market participants commonly interpret listings of sales to "unknown destinations" as a sign of Chinese buying.
Meanwhile, US corn for March delivery tacked on 5.2 cents, or 1.35%, on Friday to settle the week at $3.9500 a bushel by close of trade, the strongest level since July 9, amid indications of strong demand for U.S. supplies.
The March corn contract picked up 6.4 cents, or 1.62%, on the week, the second straight weekly advance.
Elsewhere on the Chicago Board of Trade, US wheat for March delivery added 4.17 cents, or 0.72%, on Friday to settle at $5.9400 a bushel.
On the week, the March wheat contract gained 15.6 cents, or 2.62%, amid speculation Russia will limit its exports of the grain.
Russia, the world's third-largest wheat exporter, has shipped approximately 14 million tons of wheat so far in the 2014-15 marketing season, which started on July 1.
Lower wheat exports from Russia could boost demand for U.S. supplies, which is the world’s biggest exporter of the grain.
In the week ahead, market players will focus on the release of the U.S. Department of Agriculture’s closely-watched monthly crop supply and demand report due on Wednesday, December 10.
Market analysts expect the USDA to lower its forecast of 2014-15 soybeans ending stocks, while raising its estimates of corn and wheat ending stocks.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Grain futures - weekly outlook: December 8 - 12
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