Chicago Board of Trade grain futures were lower on Friday, with wheat leading the sell-off on profit-taking amid concerns that the early-week rally was overdone, traders said. Also pressuring prices were concerns that China might limit its purchases of commodities. Those jitters grew following China's hike of its lender reserve rate requirements by 50 basis points in a bid to tame inflation.
A lower-than-expected monthly crush figure from the National Oilseed Processors Association added to bearish momentum in the soyabean complex, the traders said. CBOT trends at 10:47 a.m. CST (1647 GMT) on Friday: March wheat down 17-1/2 cents at $7.66 per bushel. US wheat export sales at 10-1/2 month low.
Warmer temperatures in the US Plains late this week diminished the threat of winterkill from cold weather, but dry weather continues to be a problem. March corn down 4 cents at $6.38-1/2 per bushel. March soyabeans down 6-1/2 cents at $14.09-1/2 per bushel.
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