Grain futures - weekly outlook: Oct. 28 - Nov. 1

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Investing.com - " U.S. grain futures ended Friday's session lower, with wheat prices falling to a one-week low as traders continued to book profits from a recent rally which took futures to a four-and-a-half-month high.

On the Chicago Mercantile Exchange, wheat for December delivery fell 0.83% on Friday to settle the week at USD6.9060 a bushel. Earlier in the day, wheat prices declined to a session low of USD6.9020 a bushel, the weakest level since October 18.

CBOT December wheat prices slumped 0.75% on Thursday to settle at USD6.9640 a bushel.

The December wheat contract ended the week with a loss of 2.12%, the first weekly drop in six weeks.

Wheat prices have been well-supported in recent weeks as concerns over crop prospects in South America and countries in the Black Sea-region fuelled expectations demand for U.S. supplies will increase in the near-term.

Prices rallied to a four-and-a-half-month high of USD7.1120 a bushel on October 21.

Brazil is on pace to buy the most wheat from the U.S. in at least 20 years, while China has booked orders for nearly four times as much as it purchased last year.

Meanwhile, corn futures for December delivery declined 0.06% on Friday to settle the week at USD4.4000 a bushel. The December contract settled 0.56% lower on Thursday to end at USD4.4020 a bushel.

For the week, the December corn contract shed 0.31%.

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.

Prices of the grain slumped to USD4.3200 a bushel on October 14, the weakest level since August 30, 2010.

The U.S. Department of Agriculture said that nearly 39% of the corn harvest was completed as of last week. The agency also said that approximately 60% of the corn crop was rated in 'good' to 'excellent' condition.

Elsewhere on the Chicago Board of Trade, soybeans for January delivery slumped 0.79% on Friday to settle the week at USD12.9340 a bushel by close of trade.

The November contract ended Thursday's session down 0.02% to settle at USD13.0360 a bushel.

Prices of the oilseed added 0.17% on the week.

According to the USDA, approximately 63% of the U.S. soy harvest was completed as of last week. The five-year average for this time of year is 69%.

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

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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