Chicago Board of Trade corn and soybean futures hovered around multi-month lows on Thursday, with corn again notching life-of-contract lows, as favourable U.S. weather and expectations of record Brazilian crops maintained supply pressure.
Chicago Board of Trade front and back-month corn futures notched lifetime lows on Wednesday on expectations of a hefty Brazilian corn crop and a lack of weather threats for the large U.S. corn crop that has recently been seeded, traders said.
Chicago wheat futures sank on Tuesday on pressure from the ongoing harvest in the U.S. Plains and Black Sea as well as a lack of weather threats, analysts said.
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.