Corn and soybeans rose in Chicago on Friday, whilst wheat prices fell
Global grain and oilseed markets ended Friday, August 21, mixed. Wheat prices declined on U.S. exchanges, while corn and soybean futures moved higher amid strong export demand.
On the CBOT, September SRW wheat futures fell 0.18% to $250.40/t. HRW wheat in Kansas City declined to $277.87/t, while spring wheat in Minneapolis fell to $256.56/t. The market remains under pressure from slower U.S. export sales, with new-crop wheat sales at 7.94 mln tons, or 38% of USDA’s projected exports, compared with 49% at the same point last year.
Meanwhile, Chicago corn prices strengthened, with the September contract rising 1.05% to $190.45/t, while December futures climbed to $5.085/bushel. Export demand supported prices after USDA reported another sale of 205 thsd tons of U.S. corn to unknown destinations.
Soybean futures also finished higher. The November CBOT contract gained 0.24% to $455.43/t. The market received additional support from shipments of 712 thsd tons of new-crop U.S. soybeans to China. Forward purchases of new-crop soybeans reached 11.85 mln tons, twice the volume recorded at the same point last season and the highest level in four years.
European grain markets mostly declined. On MATIF, September milling wheat fell 1.64% to €223.50/t, while November corn declined 0.66% to €261/t. Thus, U.S. corn and soybeans ended the week supported by export demand, while wheat remained under pressure in both the United States and Europe
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