Grain futures - weekly outlook: November 24 - 28

Investing.com - U.S. soybean futures rallied sharply on Friday, as investors bet that fresh stimulus measures in China will lead to increased demand for the oilseed from the world's largest consumer.

On the Chicago Mercantile Exchange, US soybeans for January delivery jumped 18.4 cents, or 1.81%, on Friday to settle the week at $10.3900 a bushel by close of trade on Friday.

On the week, the January soybean contract rose 16.6 cents, or 1.59%, the first weekly gain in three weeks.

Prices of the oilseed rose on news that the People's Bank of China cut its benchmark one-year deposit rate by 25 basis points to 2.75% and trimmed its one-year lending rate by 40 basis points to 5.6%.

The move came in response to recent signs of a slowdown in the world’s second-largest economy.

China is the world’s largest soybean consumer and accounts for nearly 60% of global trade of the oilseed, according to the U.S. Department of Agriculture.

Elsewhere on the Chicago Board of Trade, US corn for December delivery shed 0.4 cents, or 0.13%, on Friday to settle the week at $3.7260 a bushel by close of trade.

The December corn contract lost 9.0 cents, or 2.35%, on the week, as farmers in the U.S. accelerated harvesting of a record crop.

The USDA said that nearly 89% of the U.S. corn harvest was completed as of last week, compared to 80% a week earlier.

According to the agency, the U.S. will produce 14.407 billion bushels this year, an all-time high.

Meanwhile, US wheat for December delivery ended Friday's session little changed to end the week at $5.4720 a bushel.

On the week, the December wheat contract declined 13.2 cents, or 2.35%, amid concerns over a slowdown in demand for U.S. supplies.

In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.