On the last trading day of the week, the main role in the produce markets belonged to the sellers. In Chicago, wheat rose by 5.1 percent, corn by 2.5 percent, and soybeans by 2 percent. Rapeseed was an exception with its minus of 1.5 percent. In Europe, the course of mill wheat, corn and fodder wheat also closed in surplus. The price of canola has also decreased here.
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U.S. corn, soybean and wheat futures rose on Friday, supported by technical buying and short covering, as well as spillovers from higher equity and energy markets. Wheat and corn received further support from a weaker dollar and concerns over grain shipments from Ukraine amid Russian criticism of the UN-brokered export corridor agreement. Grain traders also took the view ahead of the US Department of Agriculture's (USDA) monthly supply and demand report due on Monday that the agency is expected to cut US harvest forecasts, particularly for corn. "We all agree that the yield will decrease. It's just a matter of how much," said Ted Seifried, chief agricultural strategist at Zaner Group. The corn contract rose 2.9% on the week, its third straight weekly gain, as concerns over a declining yield outlook lifted the market. Uncertainty over Ukraine's grain export deal bolstered markets as the leaders of Russia and Turkey plan to meet next week to discuss the deal. Traders are also ...
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