Soybeans, corn, and wheat lower on Friday
Soybean futures closed $.12 lower on Friday, but managed to hold a 16 and 3/4 cents gain for the week. Soybean prices were helped by three consecutive days of soybean purchases from China. Demand for soybeans remains strong, despite the higher US dollar. Soybeans do face some pressure from a higher US dollar, ongoing harvest, and transportation challenges. Planting conditions in South America, overall, are favorable with Brazil leading the way. Ending stocks numbers for U.S. soybeans are extremely tight, but a solid crop out of South America could put some additional pressure on the markets.
Corn futures ended the day 8 cents lower at $6.89 and 3/4 on Friday as markets were pressured by outside markets and ongoing demand concerns. For the week, corn ended 6 1/2 cents higher. A dry forecast will keep advancing harvest progress; however, the incredibly dry weather has popped up red flag warnings from Colorado to Indiana. Planting conditions in Brazil remain favorable for the first corn crop, the story is not the same for Argentina.
Wheat futures dropped 30 cents on Friday to $9.52, and finished the week 16 1/2 cents lower than its starting price. Calling the wheat market volatile could be the understatement of the year. The ongoing conflict in the Black Sea region isn’t helping the market move on technical cues, but rather making it erratic. Much of the US wheat-producing areas continue to struggle with the lack of rainfall. USDA estimates US and world ending stocks for wheat, outside of China, at the lowest levels in 15 years.