GRAINS-Corn, soybeans drop on weather view; wheat weak too
(Rewrites after grains weaken, updates with closing prices)
By Mark Weinraub
CHICAGO Oct 7 (Reuters) - U.S. corn and soybean futures weakened on Friday on forecasts for dry weather in the Midwest that will allow farmers to pick up the pace of what is expected to be a record harvest of both crops, traders said.
Wheat futures also eased as investors squared positions ahead of a key government report next week.
The declines in corn and soybeans were kept in check as investors have already digested expectations of a record U.S. harvest this fall. Both commodities notched small weekly gains.
"A lot of bearish news is already out there," said Chris Robinson, senior trader and analyst at Top Third Ag Marketing. "Everyone is well aware of the fact that harvest is going to be very, very big."
Strong export demand also lent support to prices despite the bearish harvest outlook.
The U.S. Agriculture Department said on Friday morning that exporters reported the sale of 195,000 tonnes of soybeans to unknown buyers for delivery during the 2016/17 marketing year.
The new sale followed bullish weekly export data for corn and soybeans from the USDA on Thursday. Continuación...