Chicago | Reuters—Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heatwave that could threaten some crops in the U.S. Midwest, traders said.
Wheat also dipped as cheap Black Sea exports continued to loom.
Corn on the Chicago Board of Trade Cv1settled 2-1/2 cents lower at $3.91 a bushel, down 0.3% for the week, while soybeans Sv1ended up 11-1/2 cents to $9.73 per bushel, rising 1.6% in the week.
The most-active soft red winter CBOT wheat contract Wv1settled 7-1/2 cents lower at $5.28 per bushel, down 0.3% for the week.
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“Wheat’s wallowing and trying to find support at the $5 level,” said Chuck Shelby, president of Risk Management Commodities.
A closely followed survey of Midwest production prospects, run by ProFarmer, estimated record corn yields this week in top producers Iowa and Illinois, though crops in Minnesota were disappointing.
After the market closed, ProFarmer said the U.S. soybean harvest will be even bigger than the government’s record forecast, though it forecast a smaller corn crop than the U.S. Department of Agriculture.
However, forecasts predict a short wave of 90 degree Fahrenheit (30 degree Celsius) weather will move into the Midwest in the next week, which could threaten crops and may be adding support to corn and soy futures, traders said.
Relatively strong demand for corn and a series of flash sales reported to China and unknown buyers have added a market floor and suggested recent price lows have stirred some demand.
Farmers continue to sell old-crop corn and soy to make room for the upcoming harvest and to generate cash flow, traders said.
Canada’s rail shutdown may still delay loading of some bulk grain ships at the country’s West Coast ports despite the government’s move to end a stoppage at the nation’s two largest railroads, traders and analysts said.
(Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Marguerita Choy)
