Corn, wheat and soybean futures all closed lower on Friday, with wheat suffering the largest declines.
Wheat faced the heaviest selling pressure as improving rainfall prospects across the U.S. Plains eased concerns about winter wheat establishment. December Chicago wheat fell 9 ½ cents to $6.60 ½, and December Kansas City lost 9 cents to $7.04. December Hard Red Spring dropped 7 ¼ cents to $6.93 ¼, and December Minneapolis was down 9 ½ cents at $6.76 ½.
Corn futures continued to struggle with the bearish implications of the USDA's October supply and demand estimates, which featured larger-than-expected U.S. production and ending stocks. More favourable harvest weather across the Corn Belt added pressure. December slipped 3 ¾ cents to $4.74 ¼, and March ended 4 ½ cents lower at $4.86 ½.
Soybean futures posted comparatively modest losses but remained under pressure from comfortable U.S. supplies, ongoing harvest activity, and uncertainty surrounding Chinese demand for American soybeans. November eased 1 ¾ cents to $12.61 ¼, and March lost 2 cents to $12.84 ¼.
