Wheat, corn and soybeans fall in Chicago on Friday

Wheat, corn and soybean futures ended the September 4 session lower on the Chicago Board of Trade (CBOT). Prices came under pressure ahead of the long weekend in the US, with American exchanges closed on Monday, September 7, for the Labor Day holiday.

Wheat posted the largest decline. December SRW wheat futures fell 2.68% to $269.69/t. September futures settled at $7.16 per bushel, down 20 cents, while the December contract declined to $7.34 per bushel.

Corn also came under pressure, with December futures falling 0.74% to $211.32/t. At the same time, export demand for US corn remains strong. New-crop export commitments reached 14.44 mln tons, up 30.9% from the same point last year.

Soybean futures posted a more moderate decline. The November contract fell 0.49% to $481.24/t. Meanwhile, new-crop soybean export sales reached 16.28 mln tons, more than double the volume recorded at the same point last year. US soybean export sales totaled 939.6 thsd tons in the latest reporting week, including sales to China and unknown destinations.

European grain markets also moved lower. On Euronext MATIF, December wheat futures fell 0.68% to €246.25/t, while November corn declined 1.24% to €267.75/t. Thus, ahead of the long weekend, grain and oilseed prices were under pressure on both sides of the Atlantic.

Tags: futures, Chicago, global market, corn, prices, soybean, wheat