Chicago wheat, corn and soybean futures chopped up and down but ended lower on Friday as traders weighed a bounce in demand fuelled by low prices against expectations of ample supply and upcoming U.S. government crop forecasts.
Chicago Board of Trade wheat futures rebounded on Thursday after hitting a five-year low the previous day, and corn recovered from earlier contract lows as technical support and signs of new export demand countered the pressure of ample supplies, traders said.
Chicago wheat futures slipped to a five-year low on Wednesday, while corn set contract lows for the third session in a row as ample global supply hung over grain markets.
Chicago wheat futures plunged to contract lows on Tuesday to approach their lowest point since 2020 as sinking corn futures and seasonal supply pressure from Northern Hemisphere harvests weighed on the market, traders said.
Chicago Board of Trade soybean futures finished flat on Friday but notched a second consecutive weekly decline as ample global supplies, favorable U.S. weather and weak Chinese demand hung over the market.
Chicago Board of Trade soybean futures fell on Thursday to their lowest level since April on beneficial U.S. crop weather and poor demand from China, analysts said.
Chicago Board of Trade soybean futures fell for the fourth consecutive session on Wednesday, dragged down by favourable weather across the U.S. Midwest and sluggish export demand, analysts said.
Chicago corn and soybean futures fell on Tuesday for a third straight session as forecasts for cooler Midwest temperatures this week and continued periodic rains reinforced expectations for ample U.S. harvests, analysts said.
U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
Chicago Board of Trade corn futures ticked up on Thursday on signs of short-covering and consolidation, with traders hopeful that President Donald Trump will get foreign buyers to purchase more U.S. farm goods, market analysts said.