Wheat, corn strengthen
Chicago wheat prices rose on Friday, marking the largest weekly gain in over three months, driven by short-covering and concerns about lower wheat production in Europe. Soybeans reached a three-week high, and corn saw slight gains due to rising demand. Wheat increased by over 4% this week, soybeans by around 3%, and corn recorded its first weekly rise in five weeks. European wheat production estimates were lowered, adding to market concerns.
CHICAGO- Chicago wheat rose on Friday, with the market posting its biggest weekly gain in more than three months on short-covering and concerns over lower production in Europe.
Soybeans rose to a three-week high and corn inched up with rising demand for the crops, according to analysts.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 2-1/2 cents at $5.51-1/4 a bushel and corn was 4-1/2 cents higher at $4.00-1/2 a bushel.
Soybeans added 5-1/2 cents to $9.98 a bushel, climbing to the highest levels since Aug. 9.
The wheat market, which has gained more than 4 percent this week, is set for its biggest weekly gain since mid-May. Soybeans are up around 3 percent this week, their biggest weekly rise in four months, and corn saw its first weekly rise in five weeks.
The European Commission on Thursday cut its estimate for usable production of common wheat in the European Union in 2024/25 to 116.1 million metric tons from 120.8 million forecast a month earlier, still a four-year low.
Market players have raised concerns that recent hot, dry weather in the Midwest will dent expectations of bumper US corn and soy crops. However, rainfall and forecasts for milder weather have allayed concerns, traders said.
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