Chicago corn and soy futures closed near four-year lows on Friday and posted weekly losses, while wheat prices rose on expectations of a poor crop in France as traders positioned for Monday's U.S. supply and demand report.
Average Canada Western Red Spring (13.5%) wheat prices were down C$0.90 to down C$3.30 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$244.80 per tonne in southeastern Saskatchewan to as high as C$272.60 per tonne in southern Alberta.
Chicago Board of Trade (CBOT) corn futures fell on Thursday, and soybean futures set new life-of-contract lows, as U.S. farmers scramble to sell their bins of old-crop grain and oilseeds into a global market awash in supplies, traders said.
Chicago Board of Trade corn and soybean futures turned lower on Wednesday as markets came under pressure from expectations of a U.S. bumper crop, moderate weather in the Midwestern corn belt and sluggish oilseed demand, traders said.
Soybean, corn and wheat futures in the United States are all trading near contract lows, with a lack of any significant weather threats likely to keep the bias pointed lower until something changes the narrative.
Chicago soybeans and corn slumped on low demand and a stronger dollar on Tuesday as financial markets recovered from an epic sell-off on Monday. Wheat futures rose after a massive tender from Egypt for 3.8 million metric tons to cover imports between October 2024 and April 2025βits largest ever according to traders.
Chicago Board of Trade grain and soybean futures turned higher on Friday as market participants and fund traders scrambled to cover their hefty short positions on signs of the U.S. economy weakening, market analysts said.
U.S. corn and soybean futures fell to their lowest levels in nearly four years on Thursday as forecasts for cool, rainy weather in the Corn Belt boosted yield expectations, analysts said.
Chicago December corn futures settled below $4 and hit a contract low on Wednesday as favorable U.S. crop prospects weighed and farmers began selling their hefty supplies of old crop corn, traders said.
A lack of any major weather concerns kept soybean and corn futures at the Chicago Board of Trade trending lower during the last week of July, with many months hitting contract lows.