US soyabean futures rose on Friday to their highest in six weeks, supported by a rally in the soyaoil market as well as concerns that some of the recently seeded crop in southern growing areas will have to be re-planted, traders said. Corn and wheat futures also rose, with traders noting a round of short-covering ahead of the weekend following sharp declines on Thursday. Soyabeans have risen 3.2 percent so far this week, on track for their biggest weekly gain since February.

Soyaoil futures jumped 2.1 percent to their highest since March 23 in anticipation of the US International Trade Commission's finding that imports of biodiesel from Argentina and Indonesia may harm US producers. US biodiesel producers in March asked the government to impose anti-dumping duties on imports from those countries. At 10:05 am CDT (1505 GMT), Chicago Board of Trade July soyabean futures were up 7-3/4 cents at $9.82 a bushel. Prices peaked at $9.83 a bushel, the highest since March 24. CBOT July corn was up 6-3/4 cents at $3.73-1/4 a bushel while CBOT July wheat was 3-3/4 cents higher at $4.41-1/2 a bushel.

Wheat remained underpinned by last weekend's snowstorms in Kansas, the largest producer of hard red winter wheat. The Wheat Quality Council's three-day tour of Kansas wrapped up on Thursday, with scouts projecting above-average yields. But they were unable to assess how late-season snow that fell over the weekend and flattened some fields and snapped stalks in the western part of the state would affect developing plants. Wheat futures have risen 2 percent this week, with corn up 1.5 percent.

Copyright Reuters, 2017