Corn gained but soybean and wheat futures both fell heading into the holiday weekend.
Wheat fell on new-crop supply news, with consultancy Ikar raising its estimate of the winter crop in Russia – the world’s largest exporter – to 91 million tonnes, compared to its previous projection of 88 million. Winter crop ratings in France are also at multi-year highs, and reports said India is prepared to allow the export of up to 2.5 million tonnes of wheat – the country’s first exports in four years. March Chicago wheat dropped 3 ¾ cents to $5.48 ¾, and March Kansas City was down 11 ½ cents at $5.42 ½. March Hard Red Spring was 4 ½ cents lower at $5.75, and March Minneapolis fell 5 ¾ cents to $5.72.
Soybeans fell on profit taking after recent China demand-related gains. Ongoing Brazilian harvest pressure weighed as well. March beans lost 4 ¼ cents to $11.33, and November slipped 2 ¾ cents to $11.13 ½.
Corn managed small gains amid strong international export demand for US supplies. March and December corn each climbed a ½ cent to $4.31 ¾, and $4.64 ½.
US markets are closed Monday for Presidents Day.
