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
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
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
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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