CHICAGO: US corn, soyabean and wheat futures rose on Friday on a technical rebound as traders evened up positions after the grains market posted sharp declines during the week.

The heavy weekly losses - corn was on track for its biggest weekly drop in percentage terms since June 2016 - stemmed from a surprise boost to the corn harvest outlook from the US Agriculture Department on Monday.

“We took it pretty hard from this crop report on Monday and we had a rough week and I think we are just getting a little bounce back,” said Ben Buie, grain team leader at MaxYield Cooperative in West Bend, Iowa. “There is a little weariness on the bearish side after running hard down for four days.”

At 9:45 a.m. CDT (1445 GMT), Chicago Board of Trade December corn futures were up 5 cents at $3.76 a bushel. Corn prices have fallen 10% so far this week.

CBOT November soyabeans were 3-3/4 cents higher at $8.74-1/2 a bushel, on track for a weekly decline of 2%.

Soyabean futures rose above their overnight lows after the USDA reported a flash sale of 296,500 tonnes of soyabeans to unknown destinations for delivery in the 2019/20 marketing year. Ongoing concerns about the trade fight between the United States and China, the world’s top oilseed importer, continued to limit strength in soyabean futures.

CBOT September soft red winter wheat futures were up 1/4 cent at $4.69-1/4 a bushel. The contract has fallen 6.1% this week.

The wheat market was stymied by a firm dollar, which hit a two-week high against the euro on Friday.

Consultancy Strategie Grains, meanwhile, raised its forecast for European Union wheat exports, citing increasingly competitive EU prices.—Reuters