Chicago crop futures ended weaker on Friday, influenced by various global and domestic factors.
Corn was pressured by favourable weather forecasts in key growing regions, which bolstered supply expectations. Additionally, recent technical analyses indicate an erosion in the market's outlook, with prices dropping approximately 5% from mid-February highs. May corn dropped 11 ½ cents to $4.69 ½, and December lost 6 ¾ cents to $4.55.
Soybeans were pressured by tariff and trade war worries. US President Donald Trump announced additional tariffs on China last week that are set to take effect on Tuesday, stoking concerns that soybeans could be a retaliatory target for Beijing. May beans fell 11 ½ cents to $10.25 ¾, and November dropped 12 ¼ cents at $10.29 ½.
Wheat was influenced by ongoing geopolitical tensions affecting export dynamics and potential supply constraints in major wheat-producing regions. The market remains attentive to global trade developments and their impact on supply chains. May Chicago wheat dropped 6 ¾ cents to $5.55 ¾, May Kansas City was down 12 ¼ cents to $5.73, and May Minneapolis closed 7 cents lower at $5.97 ¾.
