Grain futures - weekly outlook: November 25 - 29
Investing.com
Published Nov 24, 2013 10:08AM ET
On the Chicago Mercantile Exchange, soybeans for January delivery jumped 2.17% on Friday to settle the week at USD13.1940 a bushel by close of trade.
Prices of the oilseed rose to a daily high of USD13.2200 a bushel earlier, the strongest level since September 27.
The January contract ended Thursday’s session up 1.39% to settle at USD12.9140 a bushel.
On the week, the January soybean contract advanced 2.95%.
The U.S. Department of Agriculture confirmed private sales of 115,000 tonnes of U.S. soybeans to China on Friday.
That followed a weekly USDA export report on Thursday which showed soybean sales last week well above expectations.
Meanwhile, corn futures for March delivery declined 0.06% on Friday to settle the week at USD4.2920 a bushel. Corn prices rose to a session high of USD4.3220 a bushel earlier, the strongest level since November 13.
The March contract settled 1% higher on Thursday to end at USD4.2940 a bushel after the USDA said net corn export sales totaled 945,100 tonnes last week, at the high end of trade expectations for 750,000 to 950,000 tonnes.
On the week, the December corn contract advanced 1.67%, the first weekly gain in five weeks.
Corn prices have been on a downward trend in recent months amid expectations this year’s corn harvest in the U.S. will be the largest on record. Prices of the grain slumped to a four-year low of USD4.1540 a bushel on November 8.
Elsewhere on the Chicago Board of Trade, wheat for March delivery rose 0.34% on Friday to settle the week at USD6.5700 a bushel. Earlier in the day, wheat prices climbed to a session high of USD6.6000 a bushel, the strongest level since November 11.
CBOT March wheat prices inched down 0.11% on Thursday to settle at USD6.5460 a bushel.
The March wheat contract ended the week with a gain of 1.91%, the first weekly advance in five weeks.
Wheat prices remained supported amid concerns over crop conditions in key southern hemisphere exporters.
In the week ahead, market players will focus on the release of key weekly USDA data, including crop progress numbers on Monday and export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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