Following the price rally at the beginning of the week, profit-taking by funds put pressure on crop prices, which closed the last day of the week in negative territory.
Wheat was lower as profit-taking by funds and rising exports from Ukraine kept pressure on U.S. wheat futures. However, prices were supported by reports of poor harvests in Europe, mainly in France, where the lowest production volume in more than 40 years is expected, as well as uneven grain quality following heavy rains and poor sunshine during the growing season.
Corn also fell as funds took profits and positioned ahead of next week’s USDA monthly report. Added to this, scattered rains are forecast in parts of the US Corn Belt, which could bring relief to concerns. Meanwhile, on Friday the USDA reported weekly US corn export sales of 1.8 Mt for 2024/25, compared to analysts’ expectations of 700,000 tonnes at 1.4 Mt, limiting losses.
Soybeans plunged on profit-taking following a rally earlier in the week sparked by weather concerns in the Midwest. Expectations of high U.S. yields added pressure to prices as traders awaited new monthly estimates from the USDA. According to data from the Commodity Weather Group, light rain is expected in parts of the U.S. Midwest, but it may be too little and too late to ensure the soybean crop has enough moisture to reach its yield potential.
Access to international quotes through this link:
