CHICAGO- Chicago Board of Trade (CBOT) wheat and soybean futures fell on Friday as plentiful global supplies and weak demand anchored the market.
Corn futures edged up on short covering following news of private sales of 125,000 metric tons of US corn to unknown destinations for the 2023/24 marketing year. That followed Thursday’s announcement of 100,000 tons of US corn sold to Mexico.
Wheat futures are on track for a third weekly decline, under pressure from Chinese buyers cancelling shipments of more than 500,000 tons of US wheat and cancelling and postponing over one million tons of Australian wheat amid low Black Sea prices.
“This market is still heavily weighted down,” Darin Fessler, senior hedge advisor at Lakefront Futures and Options, said.
The most-active CBOT wheat contract was down 1-1/4 cents to $5.31 a bushel.
US wheat exports have struggled amid ample global supplies, including from an expected bumper crop in top exporter Russia.
