Chicago Agriculture Commodities Finished Lower Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grain futures close lower Friday with Soybean futures weakening on a round of technical selling after failing to push through their weekly high during the overnight trading session.
Corn and Wheat futures also were trading lower, pressured by abundant global supplies and some end-of-week profit taking. Both Corn and Wheat tracked to post weekly gainers.
The most active Corn contract for March delivery fell 2.25 cents, or 0.61%, to 3.6525 bu.
March Wheat delivery fell 4.25 cents, or 0.98%, to 4.3025 bu.
March Soybean dropped 10.25 cents, or 0.99%, to 10.25 bu.
Wheat faced additional headwinds from a benign weather outlook for crop development, adding to concerns about strong harvests in the coming months providing additional supplies for an already robust world stockpile.
There are no major weather scares now
On the week, Wheat futures rose 3%. They had posted gains in 4 of the previous 5 weeks.
The Soybean market has been weighed down by improving crop weather in Argentina and expectations for a record crop in Brazil.
INTL FCStone Thursday raised its estimate for Brazil’s MY 2016/17 Soybean crop to 104.08-M tonnes from a prior projection of 102.76-M.
A large and early Brazilian crop is expected to curb demand for US Soybean.
Have a terrific week.