CHICAGO: Chicago Board of Trade wheat futures closed higher on Friday, marking weekly gains for the first time in five weeks on a dry outlook for South America and lingering uncertainty over the fate of the Black Sea grains deal, analysts said.
Ukraine insisted on a 120-day extension of an agreement allowing the safe export of grain from Black Sea ports, after the Kremlin earlier reiterated it was extending the deal for just 60 days.
CBOT May soft red winter wheat settled up 11-1/2 cents at $7.10-1/2 per bushel, with the most-active contact marking weekly gains for the first time in five weeks.
K.C. May hard red winter wheat closed 13-3/4 cents higher at $8.19-3/4 a bushel and MGEX May spring wheat last traded up 9-1/2 cents at $8.58-1/2 at the close. Wild price swings in government bonds on a scale not seen in decades due to banking sector turmoil have sparked concern about the smooth functioning of a market considered vital to the global financial system.
The dollar fell as concerns of further turmoil in banking rattled equity markets. A softer dollar tends to make US grains more attractive on the world market.
Chicago Board of Trade corn futures ended higher on Friday, marking a week of gains for the first time in more than a month, buoyed by a series of flash sales to China. CBOT May corn settled up 1-1/2 cent at $6.34-1/4 per bushel, with the most-active contract making weekly gains for the first time in five weeks.
The US Department of Agriculture (USDA) made its fourth consecutive daily announcement of old-crop US corn sales to China, totalling 2.1 million tonnes over four days.
Wild price swings in government bonds on a scale not seen in decades given banking sector turmoil have sparked concern about the smooth functioning of a market considered vital to the global financial system.
The dollar fell as concerns of further turmoil in banking rattled equity markets. A softer dollar tends to make US grains more attractive on the world market
Chicago Board of Trade soybean futures fell on Friday to record a fifth straight weekly decline, and the benchmark May contract hit a 12-week low during the session on liquidation of bull-spreads and continued weakness in the Brazilian basis levels, analysts said.
CBOT May soybeans settled 15 cents lower at $14.76-1/2 per bushel after hitting $14.70, the contract’s lowest price since Dec. 20. For the week, the May contract fell 30-1/2 cents a bushel, or 2%, its fifth straight weekly decline.
New-crop November soybeans ended down 11 cents at $13.13-1/2 a bushel. CBOT May soymeal ended down $8.00 at $466.00 per short ton and May soyoil fell 0.27 cents to finish at 57.46 cents per pound.
Spot basis offers for soymeal held steady in the US Midwest on Friday in subdued cash trade. Domestic demand for the feed ingredient has been light this week as end-users held off on booking purchases in hopes of cheaper prices.
Comments
Comments are closed.