Soy futures rebound as corn sets new three-year low

CHICAGO, Feb 17 (Reuters): Chicago Board of Trade soybean futures jumped on Friday on short covering before a long weekend, a day after slumping to a three-year low, analysts said.
Corn futures set a three-year low for the third consecutive session under pressure from large supplies, while wheat futures extended losses to a 2-1/2-month low.
Traders digested forecasts for US crop inventories to swell in 2024/25 and also adjusted positions before the three-day holiday weekend. The CBOT will be closed on Monday for Presidents Day.
"The soybean market is quite oversold," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage.
Most-active CBOT soybeans settled up 10 cents at $11.72-1/4 per bushel, after falling on Thursday to the lowest price since December 2020 at $11.60-1/4.
CBOT corn closed down 1-1/4 cents at $4.16-1/2 a bushel, after touching its lowest level since December 2020 earlier on Friday at $4.15.
The USDA's chief economist said this week that U.S. soybeans would face slowing demand from top importer China and steep competition from South America. Beneficial rain for crops in Argentina and Brazil have tempered worries about heat and drought losses.