Investing.com - U.S. grain futures ended Friday's session mixed,
with wheat prices moving further away from an eight-month low hit
earlier in the week amid speculation lower prices will boost demand
for U.S. supplies.
Meanwhile, corn prices edged higher amid indications of limited
domestic supplies of the grain, while soy prices came under
pressure from a round of profit-taking.
On the Chicago Mercantile Exchange, wheat for May delivery rose
0.85% on Friday to settle the week at USD7.2038 a bushel. Earlier
in the session, prices rose to USD7.2638 a bushel, the strongest
level since February 22.
The May wheat contract was little changed on the week, after
hitting an eight-month low of USD6.9812 a bushel on February 26.
Prices were higher as investors continued to close out bets that
prices would fall further after futures moved into oversold
Wheat traders also sought cheap valuations amid speculation lower
prices will boost demand for U.S. supplies.
Wheat prices slumped to USD6.9812 a bushel on Tuesday, the weakest
level since June 24 amid easing concerns over dry weather
conditions in major wheat-growing states across the Great
Plains-region, such as Kansas and Oklahoma.
Wheat traders have been closely monitoring weather and crop
conditions in the area, where prolonged dryness threatens dormant
winter wheat crops.
Elsewhere on the Chicago Board of Trade, corn futures for May
delivery advanced 0.7% Friday to settle the week at USD7.0875 a
bushel, the strongest level since February 11.
The May corn contract climbed 3.1% on the week, the first weekly
gain in four weeks, as higher cash prices and limited domestic
supplies of the grain lifted futures.
Some technical buying also boosted corn as market players noted
that prices found significant support close to the USD6.87-level,
triggering automatic buy orders amid bullish chart signals.
Meanwhile, soybeans for May delivery declined 0.6% Friday to settle
at USD14.4450 a bushel by close of trade. The May soy contract was
little changed on the week.
Soybean futures were lower as a round of profit-taking kicked in
after updated weather forecasts predicted beneficial weather for
crops in Argentina, the world's third-largest producer in the
Soy prices remained supported after the U.S. Department of
Agriculture said U.S. farmers sold 120,000 metric tons of the
oilseed to China for delivery in the 2013-14 marketing year.
China is the world's largest soybean consumer.
In the week ahead, corn and soybean traders will continue to pay
close attention to weather forecasts for grain-growing regions in
Brazil and Argentina, while wheat traders will monitor temperatures
in the Great Plains-region.
Market players will also focus on the USDA's weekly exports data on
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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