CHICAGO- Chicago corn and soy futures closed near four-year lows on Friday and posted weekly losses, while wheat prices rose on expectations of a poor crop in France as traders positioned for Monday’s US supply and demand report.
A survey of analysts forecast slightly higher US corn and soy production in the US Department of Agriculture (USDA) report, which would add to large global supplies.
The most-active corn contract on the Chicago Board of Trade (CBOT) closed down 2 cents at $3.95 bushel, the lowest on a continuous chart since October 2020.
Soybeans ended down 5-3/4 cents at $10.02-1/2 per bushel, the lowest since September 2020. The oilseed initially gained after the USDA reported export sales of 132,000 tons to China for 2024/25 delivery and as an oilseed industry strike in Argentina delayed ships loading in the major soymeal exporter.
But soybeans ended down for the week on a slow export pace overall and news of farmer selling.
