Investing.com - U.S. grain futures ended Friday’s session mostly higher, with corn and wheat prices rising to two-week highs amid concerns over adverse weather conditions in the U.S. Great Plains region.
On the Chicago Mercantile Exchange, wheat for May delivery rose 0.9% on Friday to settle the week at USD7.0838 a bushel.
Wheat prices found support amid concerns that adverse weather conditions in major wheat-growing states across the Great Plains-region will hurt the U.S. winter crop.
Wheat traders have been closely monitoring weather and crop conditions in the area, where freezing weather threatens the winter wheat crop.
The USDA said that 36% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, unchanged from the preceding week and down from 64% in the same week a year earlier.
Despite Friday’s strong performance, the May wheat contract lost 0.8% on the week, thanks to a broad-based selloff in the commodities complex earlier in the week.
Elsewhere on the Chicago Board of Trade, corn futures for May delivery climbed 1.1% Friday to settle the week at USD6.5188 a bushel.
Corn futures regained strength on Friday, following a sharp decline in the previous session, after forecasts pointed to cool and wet Midwest weather, which could further delay early-season corn planting.
The USDA said that only 2% of the U.S. corn crop was planted as of last week, compared to 16% planted in the same week a year earlier.
Despite Friday’s gains, the May corn contract lost 1% on the week.
Meanwhile, soybeans for May delivery shed 0.3% Friday to settle at USD14.2738 a bushel by close of trade. On the week, the May soy contract advanced 1%.
CBOT soy prices rose to a three-week high of USD14.4112 a bushel on Thursday, amid speculation a disruption to supplies from Brazil will lead to improved demand for U.S. soybeans.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, wheat for May delivery rose 0.9% on Friday to settle the week at USD7.0838 a bushel.
Wheat prices found support amid concerns that adverse weather conditions in major wheat-growing states across the Great Plains-region will hurt the U.S. winter crop.
Wheat traders have been closely monitoring weather and crop conditions in the area, where freezing weather threatens the winter wheat crop.
The USDA said that 36% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, unchanged from the preceding week and down from 64% in the same week a year earlier.
Despite Friday’s strong performance, the May wheat contract lost 0.8% on the week, thanks to a broad-based selloff in the commodities complex earlier in the week.
Elsewhere on the Chicago Board of Trade, corn futures for May delivery climbed 1.1% Friday to settle the week at USD6.5188 a bushel.
Corn futures regained strength on Friday, following a sharp decline in the previous session, after forecasts pointed to cool and wet Midwest weather, which could further delay early-season corn planting.
The USDA said that only 2% of the U.S. corn crop was planted as of last week, compared to 16% planted in the same week a year earlier.
Despite Friday’s gains, the May corn contract lost 1% on the week.
Meanwhile, soybeans for May delivery shed 0.3% Friday to settle at USD14.2738 a bushel by close of trade. On the week, the May soy contract advanced 1%.
CBOT soy prices rose to a three-week high of USD14.4112 a bushel on Thursday, amid speculation a disruption to supplies from Brazil will lead to improved demand for U.S. soybeans.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.