Chicago Board of Trade wheat futures stayed on track for a fourth weekly gain in choppy trading on Friday, as lack of rain in Russia raised concerns over reduced yields in the world's top exporter of the grain. Support also came from fears of production losses in Australia, Ukraine and Canada caused by dry weather, traders said, while markets watched how the winter wheat crop in the southern US Plains and Midwest coped with recent wet weather.
Corn futures slipped after Thursday's surprise rebound on poor export sales. Soyabean futures slumped on Friday, under pressure from wheat and corn, traders said. Corn and soyabeans are facing weekly losses after rallying for the last three weeks with farmers in the western corn belt expected to get a window of dry weather to seed crops.
Traders awaited the first US crop condition ratings for the 2019 corn crop, which are expected from the US Department of Agriculture on Monday. For example, USDA reported export sales of US corn that fell far below trade expectations for the week ended May 30. US exporters sold 14,800 tonnes, including net cancellations of 8,700 tonnes of old-crop corn and net sales of 23,500 tonnes of new-crop corn.
The slide in corn futures was kept somewhat in check on Friday by news of productive US-Mexico trade meetings, traders said. Bilateral talks on migration were set to resume on Friday as Mexican officials continued their push for an agreement that would avert US tariffs set to take effect next week. The most-active wheat contract on the Chicago Board Of Trade was down 0.25% at $5.08-3/4 a bushel at 10:11 am. CDT (1508 GMT), but up 1.14% for the week. The contract has added 19% in four weeks. Corn was down 0.59% at $4.18 a bushel, and soyabeans were down 0.86% at $8.61-1/4 a bushel. Both are set for their first weekly slide in a month.
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