Corn and soybean futures suffered moderate declines on Friday, while wheat closed mixed.
After reaching a 16-month high this week, corn was lower on profit taking and expectations of a larger US planted area this spring. CoBank on Thursday forecast 2025 corn planted area at 94.5 million acres, a 4.2% increase from a year earlier. Losses in crude oil and a higher US dollar added to the pressure on corn. March was down 6 ¾ cents at $4.91 ¼, and December fell 4 ½ cents to $4.75.
Most of the same factors that dragged corn lower also weighed on soybeans. The likelihood of a smaller US planted area remains supportive for soybeans, with CoBank estimating a 3.6% fall to 84 million acres. However, the potential for big South American production is limiting any upside. March beans lost 6 cents to $10.39 ½, and November eased 1 ½ cents to $10.59 ¾.
Winter wheat contracts posted small gains while spring wheat slipped. Fund buying offered support, but the losses in corn weighed. March Chicago wheat was up 4 ½ cents to $5.90, March Kansas City added 1 ¾ cents to $6.09 ¼, and March Minneapolis was down a penny to $6.31 ¾.
