Traders remain highly sensitive to developments in South America. Recent rains in Brazil are reassuring for forecasts that the harvest will improve.

CONAB revised down its estimate for Brazil's soybean production to 155.3 million tonnes, a level that nevertheless remains above last year's record. In Argentina, USDA's local attache estimated production potential for the upcoming crop at 50.5 million tons of soybeans, a good rebound from last year's poor harvest.

Even the forecasts of the Rosario stock exchange are now slightly more optimistic, expecting Argentina to harvest 52 million tons of soybeans. The exchange also revised upward the country's corn production potential for the upcoming season by 3 million tons. Volumes could thus reach 59 million tons, a new record for Argentina.

Meanwhile, logistical problems for one of the world's busiest trade routes continue. The Panama Canal Authority said Friday it "understands" customers' decisions to turn to alternative shipping methods as the canal faces restrictions due to an ongoing drought, and that solutions are being worked on to avoid another crisis caused by future climatic anomalies.

The administration said it is developing short- and long-term solutions to limit the impact of climate anomalies on the trade route, which carries about 5 percent of global trade.

"We understand that our customers, like us, must adapt their operations due to the impact of climate change around the world and the current shortage of water in the Panama Canal," it said in a special statement on the subject.

The Panama Canal normally allowed about 36 crossings per day, but due to the low water levels needed to push vessels through it, the canal authorities gradually reduced this number. Currently, the maximum number allowed is 24 passes per day.