Chicago | Reuters — Chicago corn and soybean futures prices rose on Friday, supported by technical buying and renewed hopes of export demand, while wheat prices were boosted by a rally in the European market, traders said.
Prices of corn and soybeans have recovered since falling sharply following higher-than-expected supply forecasts from the U.S. Department of Agriculture (USDA) on Tuesday.
For the third consecutive day, U.S. exporters sold soybeans either to China or “unknown destinations.” U.S. exporters sold 132,000 tonnes of soybeans to China for the 2021-22 marketing year, USDA said on Friday.
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Exporters also sold 396,000 tonnes of soybeans for delivery to unknown destinations during the 2021-22 marketing year, the agency said. USDA also said exporters sold another 326,750 tonnes of soybeans, received during the reporting period, for delivery to unknown destinations during the 2021-22 marketing year.
The most-active Chicago Board of Trade (CBOT) soybeans settled the day up 11-1/2 cents at $12.17-3/4 a bushel, while corn was up nine cents at $5.25-3/4 a bushel (all figures US$).
But even with Friday’s price bump, the soybean contract ended down for a third consecutive week.
Still, analysts and traders say they will be focused less on supply, and more on demand and how weather is impacting harvests and South American production, in the coming weeks.
“We’re not going to get another supply update until January from USDA, so that bearish card has been played for now,” said Craig Turner, senior ag broker at Daniels Trading.
The U.S. soybean crush hit a three-month low in September and fell below an average of trade estimates, while soyoil stocks at the end of last month rose for a third straight month, according to data released by the National Oilseed Processors Association (NOPA) on Friday.
Chicago wheat futures rose on Friday, reversing earlier losses with support from a rally in Europe where strong exports and concern over availability remained in focus.
The most-active CBOT wheat contract settled up 9-1/4 cents at $7.34 a bushel.
— Reporting for Reuters by P.J. Huffstutter in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.
