By Mark Weinraub
CHICAGO, Might 21 (Reuters) – U.S. wheat futures fell on Friday, touching a one-month low on bettering prospects for the crop within the U.S. Plains, merchants mentioned.
Corn futures fell on a spherical of profit-taking after rising in three of the earlier 4 classes. Soybeans additionally closed decrease, with considerations about demand outweighing a bargain-buying try after costs for the most-active contract Sv1 sagged to a three-week low.
Merchants famous slowing exercise from soy crushers in addition to export consumers.
“Excessive extended costs (are) lastly beginning to trim total demand as we head into the summer time months,” Arlan Suderman, chief commodities economist at StoneX, mentioned in a observe to shoppers.
Essentially the most-active soybean futures contract Sv1 dropped 3.9% this week, its greatest weekly decline in 4 months.
Chicago Board of Commerce July soybean futures SN1 settled down 7 cents at $15.26-1/Four a bushel.
CBOT Might tender pink winter wheat futures WN1 have been 1 cent decrease at $6.74-1/Four a bushel. The contract bottomed out at $6.65-3/Four a bushel, the bottom on a steady foundation for the most-active contract Wv1 since April 21.
Scouts on an annual tour of Kansas wheat fields discovered report yield potential within the high U.S. winter wheat state’s crop after late-season rains.
CBOT July corn CN1 was down 5 cents at $6.59-1/2 a bushel. The contract rose 2.4% this week after plunging 12.1% final week.
Forecasts for good crop climate within the U.S. Midwest added stress to corn futures.
“The climate remains to be moist to begin the weekend up and down the backbone of the Midwest,” Charlie Sernatinger, world head of grain futures at ED&F Man Capital, mentioned in a observe to shoppers.
Hotter temperatures and additional showers forecast within the U.S. Midwest within the subsequent three weeks might enhance harvest prospects for not too long ago planted corn, merchants mentioned.
(Extra reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Modifying by Sherry Jacob-Phillips, Will Dunham, David Goodman and Dan Grebler)
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