Chicago Board of Trade (CBOT) corn, wheat extended gains on Friday, while soybeans fell on profit taking and expectations that more soybeans will be planted.
The most active corn contract for July delivery gained 1.75 cents, or 0.45 percent, to close at 3.9075 dollars per bushel. July wheat delivery rose 6.75 cents, or 1.44 percent, to close at 4.7475 dollars per bushel. July soybeans shed 7 cents, or 0.65 percent, to close at 10.65 dollars per bushel.
For the week, corn, wheat and soybeans advanced 3.51 percent, 2. 37 percent, and 2.92 percent respectively. Analysts said that corn and wheat extended their gains on short covering. CBOT floor brokers estimated that funds have bought 9, 700 contracts of corn and 10,200 contracts of wheat in the morning session, according to AgResource, the Chicago-based agriculture consultancy.
However, soybeans declined on Friday amid talks that more soybeans will be planted in the U.S. Midwest because of beneficial rains, analysts said. Profit taking after soybeans' big advance of 5.6 percent on Tuesday also gave addition pressure on soybeans.
CBOT floor brokers estimated that funds have sold 5,700 contracts of soybeans. About the soybeans, the U.S. Department of Agriculture said Friday that private exporters reported export sales of 420,000 metric tons of soybeans for delivery to unknown destinations.
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