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Markets

Grain futures - weekly outlook: February 17 - 21

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Investing.com -

Investing.com - U.S. grain futures ended Friday's session mixed, with wheat prices climbing to a five-week high amid ongoing concern dry soils in the southern U.S. Plains will damage the quality of the harvest.

On the Chicago Mercantile Exchange, wheat for March delivery rose to a session high of USD6.0300 a bushel, the most since January 8, before trimming gains to settle at USD5.9840 a bushel, up 0.35%.

The March wheat contract ended the week with a gain of 3.5%, its second consecutive weekly advance.

Elsewhere on the Chicago Board of Trade, corn futures for March delivery rallied 1.08% on Friday to close the week at USD4.4520 a bushel.

On the week, the March corn contract picked up 0.22%, the fourth consecutive weekly gain, amid ongoing indications of robust export demand for U.S. supplies.

Meanwhile, soybeans for March delivery rose to a session high of USD13.5600 a bushel on Friday, the most since September 19, before turning lower to settle at USD13.3740 a bushel, down 0.5%.

The March soybean contract added 0.44% on the week amid speculation adverse weather conditions in Brazil will damage the quality of the crop and reduce global supplies.

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

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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