A round of upgrades for crops in the Americas baulked at US soybeans, which received a surprise downgrade from Informa Economics, helping prices of the oilseed rebound into positive territory.
Statistics Canada, citing benign conditions, upgraded its estimates for Canada's wheat and canola crops to record highs, of 33.0m tonnes and 16.0m tonnes respectively.
"Despite late seeding this spring, weather conditions that prevailed up to the end of summer have led to higher-than-normal yields," StatsCan said, if cautioning that "sporadic frost or disease may have affected certain crop yields".
The estimate for the wheat crop, upgraded from an August figure of 30.6m tonnes, was in line with market expectations buoyed by strong harvest reports, and implied an easy beat of the record harvest of 32.1m tonnes that has stood since 1990.
The canola production estimate, upgraded from 14.7m tonnes, trounced the 2011 record of 14.6m tonnes, but fell short nonetheless of investors' expectations of a 16.6m-tonne figure.
Separately, broker FCStone on Friday nudged higher its forecast for the Brazilian soybean crop, currently being sown, by some 400,000 tonnes to 87.9m tonnes.
And analysis group Informa Economics raised to 14.0bn bushels, from 13.9bn bushels, its estimate for the US corn harvest, which has continued in its early stages to reveal better-than-expected yields.
Informa lifted its forecast for the corn yield to 158.8 bushels per acre from 157.6 bushels per acre.
However the group, which has a reputation for being cautious on downgrades, surprised investors by cutting its forecast for the US soybean yield by 0.7 bushels per acre to 41.7 bushels per acre.
While still above the 41.2 bushels per acre the USDA is factoring in, promising early harvest results have lifted market expectations for the figure to about 42.42.5 bushels per acre.
Informa cut its estimate for US soybean production to 3.18bn bushels, from 3.22bn bushels.
The impact on markets was to see Chicago soybean futures, which had posted a small loss before the Informa report, stand at $12.94 a bushel for November delivery in late morning deals, up 0.5% on the day.
However, wheat was 0.7% lower in Chicago, at $6.84 ¾ a bushel, for December delivery, while in Winnipeg, November canola dropped 0.8% to Can$480.40 a tonne.
"There is nothing bullish about record Canadian wheat and canola production," Richard Feltes at RJ O'Brien said.
"Key going forward will be their logistical ability to move these massive crops into export channels."
Benson Quinn Commodities said that, for Canada, "logistics problems abound with railroads unable to move that large of a crop into the export markets", expected to swallow 80% of the harvest