Customer dominance in crop markets remained on Friday. In Chicago, wheat rose 0.2 percent, soybeans 2 percent and rapeseed 3.2 percent. Corn was an exception with its 1.4 percent minus. In Europe, wheat went up by 0.7 per cent and rapeseed by 2.6 per cent more than on Thursday. The rate of feed wheat has also risen. The price level of corn fell by 0.9 percent.
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Futures quotes for wheat and corn on the Chicago Board of Trade weakened on Friday, a day after U.S. Department of Agriculture (USDA) forecasts rose, signaling a contraction in global supply. The price of wheat at the close eventually turned into a slight plus. Analysts said traders made some profit ahead of the weekend and expected U.S. farmers to boost corn sowing due to improving Midwest weather. The USDA is scheduled to release a weekly update on sowing progress on Monday. Analysts say markets remain nervous about shrinking grain supplies, despite global crop shortages and the Russian invasion of Ukraine, the largest exporter of wheat and corn. There is zero tolerance for crop problems in the U.S. this summer Said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage in Iowa about corn. Analysts say the strength of crude oil and stocks, as well as hopes for increased demand for U.S. exports to China, have contributed to rising soybean futures prices. The USDA has sold ...
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