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
On the Chicago Mercantile Exchange, corn futures for December
delivery declined 0.23% on Friday to settle the week at USD4.2720 a
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
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
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
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
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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