U.S. soybean and corn futures closed lower on Thursday after touching six-week lows, with both markets facing pressure from hefty South American supplies, traders said.
U.S. soybean futures rose on Wednesday, bouncing on a round of bargain buying after the most-active July contract SN24 hit a six-week low, buoyed in part by firming Brazilian soy markets, analysts said.
CBOT soy, corn and wheat futures closed lower on Monday, anchored by ample grain supplies, slow export demand and a decline in crude oil futures after concerns eased about Iran's weekend drone attack on Israel, analysts said.
Chicago Board of Trade grain and soybean futures rallied on Friday on money flow from managed funds, rising demand and weather concerns, analysts said.
Western Canadian spring wheat bids were steady to higher during the week ended April 11, while durum prices fell below the C$400 per tonne mark entirely.
Chicago corn futures dipped on Thursday after the U.S. Department of Agriculture projected domestic ending stocks will remain at a five-year high, despite a reduction from last month.
Chicago Board of Trade soy fell on Wednesday after hitting a one-month low as traders awaited a U.S. Department of Agriculture supply and demand report and Brazil's Conab crop forecast.
While the start of the week of Apr. 8 saw canola futures on the Intercontinental Exchange trade in a very narrow range, broker Jamie Wilton of RJ O’Brien in Winnipeg said that could soon change.