Wheat, corn futures end week lower with Russian crop in focus
Chicago wheat and corn futures slid on Friday due to favorable rain in Russia and profit-taking. CBOT July wheat settled at $6.81, down 11-3/4 cents, while corn ended at $4.46-1/4, down 2-1/2 cents. Soybean futures, including CBOT July soybeans at $12.05, also declined. Forecasts of a smaller Russian wheat harvest and U.S. planting progress impacted market sentiment, while analysts noted a need for new bullish factors amid shifting weather patterns.
CHICAGO, May 31 (Reuters) -Chicago wheat Wv1 and corn futures<Cv1> fell on Friday as news of beneficial rain in Russia and profit-taking dented wheat prices, leading to corn selling as well.
Forecasts for a smaller Russian wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country’s crop, analysts said.
“The Russian wheat story is running its course, and we’re going to have to see a new element to keep momentum going,” said Brian Splitt, co-founder of marketing and consulting firm AgMarket. “The weather can only stay bullish for so long.”
CBOT July wheat WN24 slipped 11-3/4 cents to settle at $6.81 a bushel.
For the week, the most-active corn futures contract on a continuous chart Cv1 ended down 3.98%, the biggest percentage drop since last July, weighed down by wheat prices and as traders adjusted positions at month-end.
CBOT July corn CN24 settled down 2-1/2 cents at $4.46-1/4 per bushel.
Soybean futures also eased, as investors adjusted month-end positions. Weekly grain export sales fell in line with trade expectations and U.S. inflation data showed no worrying signs of fresh upward momentum last month. MKTS/GLOB
CBOT July soybean futures SN24 settled down 4-3/4 cents to $12.05 per bushel.
U.S. farmers have made steady progress planting corn and soybeans between showers and the rain could help early growth of this year’s crops.
However, predictions of a record-warm summer and other weather risks may be adding support to corn and soy futures, traders said.
Speedy soybean sales from Argentina also weighedon Chicago soy futures.
Source Link : https://www.xm.com/research/markets/commodities/reuters/wheat-corn-futures-end-week-lower-with-russian-crop-in-focus-53851451
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