Grain futures - weekly outlook: Nov. 4 - 8

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Investing.com - " U.S. grain futures ended Friday's session mostly lower, with corn prices falling to the weakest level since August 2010 as favorable weather conditions in key corn-growing states in the U.S. allowed farmers to accelerate the pace of the harvest.

On the Chicago Mercantile Exchange, corn futures for December delivery declined 0.23% on Friday to settle the week at USD4.2720 a bushel.

Corn prices fell to a session low of USD4.2560 a bushel earlier in the day, the weakest level since August 26, 2010.

The December contract settled 0.46% lower on Thursday to end at USD4.2820 a bushel.

For the week, the December corn contract lost 2.9%.

According to the U.S. Department of Agriculture, nearly 59% of the corn harvest was completed as of last week. The agency also said that approximately 62% of the corn crop was rated in 'good' to 'excellent' condition.

Futures have been on a downward trend in recent weeks amid expectations this year's corn harvest in the U.S. will be the largest on record.

Meanwhile, soybeans for January delivery dropped 1.16% on Friday to settle the week at USD12.5140 a bushel by close of trade. Prices of the oilseed slumped to a daily low of USD12.5020 a bushel earlier in the day, the weakest level since August 14.

The January contract ended Thursday's session down 0.8% to settle at USD12.6620 a bushel.

Soybean prices tumbled 3.24% on the week.

The USDA said that approximately 77% of the U.S. soy harvest was completed as of last week, in line with the five-year average for this time of year.

Elsewhere on the Chicago Board of Trade, wheat for December delivery inched up 0.04% on Friday to settle the week at USD6.6760 a bushel.

Earlier in the day, wheat prices declined to a session low of USD6.6440 a bushel, the weakest level since September 25.

CBOT December wheat prices dropped 1.11% on Thursday to settle at USD6.6740 a bushel.

The December wheat contract ended the week with a loss of 3.33%, the second consecutive weekly decline.

Wheat prices are down nearly 6% since hitting a four-and-a-half-month high of USD7.1120 a bushel on October 21 as market players monitored crop prospects in the U.S., South America and countries in the Black Sea-region.

In the week ahead, market players will focus on the release of key weekly USDA data, including crop progress numbers and export sales figures.

Grain traders are also awaiting the USDA's highly-anticipated supply and demand report for November, after October's report was not released due to the U.S. government shutdown.

Meanwhile, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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