On the Chicago Mercantile Exchange, soybeans for January delivery rallied 1.25% Friday to settle at USD14.9538 a bushel by close of trade. Earlier in the day, prices rose to a session high of USD14.9688 a bushel.
On the week, the January soy contract added 1.5% on the week, the fourth consecutive weekly advance.
Soybean prices were boosted after the National Oilseed Processors Association reported the November U.S. soybean crush at 157.3 million bushels, the largest monthly total in nearly three years.
Elsewhere on the Chicago Board of Trade, corn futures for March delivery jumped 1.55% Friday to settle the week at USD7.3050 a bushel.
Despite Friday’s strong gains, March corn prices lost 0.8% on the week.
The March CBOT contract fell to a four-week low of USD7.1537 a bushel on Thursday after the USDA left its forecast for U.S. corn ending stocks unchanged at 647 million bushels.
The department also left its estimate of 2012-13 U.S. corn exports unchanged at 1.15 billion bushels.
The agency also increased its forecast for global wheat ending stockpiles to 176.95 million tonnes, up from the November’s estimate of 174.18 million tonnes and above market expectations of 175.68 million.
The USDA upgraded its view on wheat crops in Canada, Australia and China, easing concerns over a disruption to global supplies.
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