U.S. corn and soybean futures fell on Friday as favourable weather in much of the Midwest boosted crop production potential and as traders squared positions ahead of the weekend, analysts said.
Benchmark Chicago Board of Trade wheat futures jumped more than four per cent on Wednesday as weather worries in parts of the United States and Europe, coupled with signs of fresh global export business, prompted speculators to cover short positions, brokers said.
Chicago Board of Trade soybean futures closed higher on Tuesday, supported by rising crude oil prices and uncertainty about Midwest crop weather in the weeks ahead, while soyoil prices eased following a sharp two-day rally tied to stronger U.S. biofuel blending mandates.
U.S. soyoil futures hit their highest in 20 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while soybean futures touched a one-month high before paring gains.
U.S. soyoil futures surged their daily limit on Friday and soybeans hit a three-week high after President Donald Trump's administration proposed biofuel blending requirements that were above trade expectations, analysts said.
U.S. soybean futures fell to one-week lows on Thursday as weak domestic cash markets, poor weekly export sales and worries about the size of U.S. biofuel mandates raised fears about demand for the oilseed, brokers said.
Chicago Board of Trade soybean and corn futures drifted lower on Wednesday as initial optimism faded over the U.S. and China agreeing on the framework of a trade truce, and market players shifted their focus back to benign crop weather, analysts said.
Chicago wheat futures fell to their lowest level in more than a week on Tuesday as improving U.S. crop condition ratings and seasonal pressure overshadowed early harvest delays and drought in Russia, traders said.
U.S. wheat futures fell about two per cent on Monday on seasonal pressure from the start of the Northern Hemisphere winter wheat harvest and corn futures sagged on mostly favorable crop weather, traders said.