CHICAGO- Chicago corn and soy eased and wheat traded nearly flat on Friday as traders’ concerns about the US economic outlook inspired a selloff ahead of the weekend, according to analysts.
The most-active wheat contract on the Chicago Board of Trade settled up 1 cent to $5.58-1/4 per bushel.
Soybeans ended down 3-1/4 cents at 10.09-3/4 a bushel and corn slipped 4-3/4 cents to finish at $4.64-1/4 a bushel.
“There is so much uncertainty in the market right now over the economy,” said Karl Setzer, a partner at Consus Ag Consulting.
“Futures traders are concerned that over the weekend you might see a news story come out and blow up their position, so they’re just exiting everything ahead of it,” he said.
Traders are also positioning ahead of March 31, when the US Department of Agriculture will release its grain stocks and prospective planting reports. The data will include estimates for farmers’ planting intentions in 2025.
Also being monitored are tariff tussles between the United States and its trading partners, and discussions to end the Russia-Ukraine war.
The US dollar gained ground against the euro on Friday, putting it on pace for its first weekly gain this month, as investors booked profits from the currency’s recent advance and as the April 2 deadline for reciprocal US tariffs approached.
