Corn futures were firm Friday, building on Thursday’s gains. Soybeans and wheat were generally slightly lower.
Corn futures traded slightly higher, supported by short-covering ahead of next week’s USDA WASDE supply-demand report. However, South American weather remains favourable, with sunshine and adequate rainfall benefiting crop conditions, which could cap further price gains. Underlying cautious trade reflects uncertainty around long-term demand growth and US export competitiveness. March corn rose 5 cents to $4.40. December 2025 was up 3 1/4 to $4.37 1/4.
Most soybean futures slipped modestly, hovering near recent lows as market participants await the USDA WASDE report. Good South American weather, particularly for pod-filling soybeans in northern Brazil, supports elevated crop potential, limits upside momentum. Additionally, ongoing trade competition from Mercosur nations, bolstered by a nearing EU trade deal, adds pressure on US soybean exports. January beans ended unchanged at $9.93 3/4, and new-crop November was down 2 cents to $10.05.
Wheat futures ended mixed, although most contracts ended slightly lower. Global competition remains a key headwind, with steady Russian FOB wheat prices and a favourable condition report for the French wheat crop. Managed money's reduced interest further highlights the lack of a compelling bullish narrative. March Kansas City wheat bounced 1 3/4 cents to $5.53 3/4, but March Chicago was down 1 to $5.57 1/5 and March Minneapolis lost 2 cents at $5.96 1/2.
