CHICAGO — US corn and soybean futures fell on Friday as favorable weather in much of the Midwest boosted crop production potential and as traders squared positions ahead of the weekend, analysts said.
Wheat futures retreated on profit-taking following strong gains earlier this week and as an accelerating US winter crop harvest boosted supplies.
Trading was lighter than normal on Friday following a federal holiday on Thursday and ahead of the weekend.
Corn and soy traders were focused on favorable crop weather in the Midwest farm belt as hot weather is expected across the region following rains this week, forecasters said.
“For the most part, weather remains non-threatening,” said Don Roose, president of US Commodities.
“The soybeans like the heat and the corn is not pollinating yet, so it helps it root down. On top of that, we got a rain front that went through before, and then a rain front goes through after,” he said.
Rains have boosted soil moisture reserves and drought has in the Midwest eased over the past week, according to the latest US Drought Monitor data released on Thursday.
