Crop futures ended mixed on Friday. Some covering of short positions was evident in anticipation of Monday's USDA report. However, generally favourable weather in the Midwest pushed corn and soybeans to minor losses.
Although crop-friendly weather in the US would normally hammer prices due to expectations of healthy crop yields, these markets have already fallen hard in recent weeks. As well, threatening weather conditions in major agricultural regions outside the US, including Ukraine and the EU, created choppy trading.
September corn ended down 2 1/2 cents at $3.76 3/4, and December lost 2 cents at $3.95.
September beans were 4 3/4 cents lower at $9.88 3/4 and November dropped 5 3/4 cents to $10.02 1/2.
Wheat futures were bolstered by international buying activity and concerns over global production challenges. The harvest in France has been bogged down amid excessive rain. Meanwhile, Ukraine’s crop has been ravaged by a hot, dry summer. September Chicago wheat bounced 5 cents to $5.42 1/2, September Kansas City was 2 1/2 cents higher at $5.54, and September Minneapolis recovered 4 1/2 cents to $5.89 3/4.
