Chicago Close: Steep Losses for Wheat

Wheat futures ended Friday with steep losses, putting an exclamation mark on one of the market’s worst weeks in months.

Wheat futures were reportedly on the way to their worst one-week loss in three months even before today’s heavy losses, which were spurred in part by increasing concerns about the spread of the omicron coronavirus variant. A slowdown in US employment growth in November also undermined wheat. March Chicago wheat fell 11 ¼ cents to $8.03 ¾, March Kansas City dropped 18 cents to $8.24 ¼ and March Minneapolis was down 21 ½ cents at $10.20 ¾.

Soybean futures ended the day higher, with support coming from forecasts for warmer, drier weather in parts of South America. January beans added 23 cents to $12.67 ¼ and November 2022 was up 14 ¾ cents to $12.34.

Corn was higher on strength in crude oil. March corn climbed 7 ¼ cents to $5.84 and December 2022 gained 3 ¼ cents to $5.52 ¼.

Source: DePutter Publishing Ltd.

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