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SINGAPORE — Chicago soybeans ticked higher on Friday, with the market poised for its biggest weekly rise in more than a year, as forecasts of hot and dry weather in the U.S. Midwest raised concerns over supplies.

Corn is on track for its biggest weekly gain in almost five months, while wheat is set to finish the week in a positive territory after two weeks of decline.

“Here the market is primarily focused on the U.S. weather worries,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. “This week’s gains mean that soybean prices have recovered almost all of their July falls.”

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The Chicago Board of Trade’s (CBOT) most-active soybean contract added 0.1% to $14.42-1/2 a bushel by 0607 GMT. The market is up 9.6% this week, the biggest gain since early July 2021.

Corn has added 9.3%, for its biggest weekly rise since early March, and wheat is up 8% this week.

U.S. corn and soybeans have enjoyed seasonably cool, wet weather this week, with much of the U.S. corn crop pollinating during the month of July, though a hot and dry forecast for early August has farmers concerned.

For the wheat market, there is still some uncertainty about the volume of Ukraine’s grain exports through the Black Sea despite expectations they could start within days.

U.N. aid chief Martin Griffiths said he was hopeful the first shipment of grain from a Ukrainian Black Sea port could take place as early as Friday, but “crucial” details for the safe passage of vessels were still being worked out.

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Griffiths said Turkish, Russian and Ukrainian military officials were working with a U.N. team in Istanbul to hammer out standard operating procedures for the deal the four parties agreed last Friday.

Argentina’s wheat planting for the 2022/2023 season has been supported by recent rainfall that has helped ease drought conditions in some areas, the Buenos Aires Grains Exchange said on Thursday, a boost for the key farm sector.

The Brazilian government confirmed that China has opened its market to soybean meal produced in the South American country, adding that shipments would begin after the removal of some bureaucratic hurdles.

Commodity funds were net buyers of CBOT corn, soybeans, wheat and soyoil futures contracts on Thursday and net sellers of CBOT soymeal futures contracts, traders said.

(Reporting by Naveen Thukral; Editing by Uttaresh.V and Clarence Fernandez)