Chicago Board of Trade (CBOT) agricultural commodities closed mixed over the trading week which ended Sept. 7, with wheat futures plunging over 6 percent as export prospects for U.S. supplies remained dim despite crop shortfalls in key production areas of the Black Sea region.
The most active corn contract for December delivery rose 2 cents weekly, or 0.55 percent, to 3.67 dollars per bushel. December wheat delivery dropped 34.25 cents, or 6.28 percent, to 5.1125 dollars per bushel. November soybeans went up 0.5 cent, or 0.59 percent, to 8.44 dollars.
CBOT corn futures ended steady and did little ahead of U.S. Department of Agriculture (USDA)'s important September data release. There's an expanding body of evidence indicating a cut to U.S. corn yield is needed.
Extreme summer heat is producing disappointing yields in southern half of the U.S. Midwest.
Argentine FOB corn prices have fallen in tandem with weakness in Argentine peso. Argentine corn is the world's cheapest feed grain today. But another rise in freight prices in Brazil, and very expensive corn in the Black Sea keeps record U.S. export potential intact.
Wheat futures fell to new 7-week lows on Friday. U.S. and European markets have been forced to follow Black Sea cash prices lower. Russian Agriculture Minister comments suggesting no limits on exports was needed, which weighed on world values.
Russia and Ukraine have exported 40 percent more wheat than last year's record in July and August. The export pace is torrid. But many traders in Russia believe that the government will move to impose wheat export restrictions in October or November.
Soybeans quietly traded back and forth through the holiday shortened week and firmed at Friday's close. Market news was limited, which lead to one of the narrowest trading weeks in months.
Cash markets remain depressed while the CBOT spreads encourage producers to store the upcoming harvest.
The USDA will release the September Crop Report on Wednesday. Traders are looking for a U.S. soybean yield of 52-53 bushels per acre, a record September estimate.
The most active corn contract for December delivery rose 2 cents weekly, or 0.55 percent, to 3.67 dollars per bushel. December wheat delivery dropped 34.25 cents, or 6.28 percent, to 5.1125 dollars per bushel. November soybeans went up 0.5 cent, or 0.59 percent, to 8.44 dollars.
CBOT corn futures ended steady and did little ahead of U.S. Department of Agriculture (USDA)'s important September data release. There's an expanding body of evidence indicating a cut to U.S. corn yield is needed.
Extreme summer heat is producing disappointing yields in southern half of the U.S. Midwest.
Argentine FOB corn prices have fallen in tandem with weakness in Argentine peso. Argentine corn is the world's cheapest feed grain today. But another rise in freight prices in Brazil, and very expensive corn in the Black Sea keeps record U.S. export potential intact.
Wheat futures fell to new 7-week lows on Friday. U.S. and European markets have been forced to follow Black Sea cash prices lower. Russian Agriculture Minister comments suggesting no limits on exports was needed, which weighed on world values.
Russia and Ukraine have exported 40 percent more wheat than last year's record in July and August. The export pace is torrid. But many traders in Russia believe that the government will move to impose wheat export restrictions in October or November.
Soybeans quietly traded back and forth through the holiday shortened week and firmed at Friday's close. Market news was limited, which lead to one of the narrowest trading weeks in months.
Cash markets remain depressed while the CBOT spreads encourage producers to store the upcoming harvest.
The USDA will release the September Crop Report on Wednesday. Traders are looking for a U.S. soybean yield of 52-53 bushels per acre, a record September estimate.
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