Wheat futures finished mainly higher on Friday, while corn ended steady and soybeans were little changed as traders weighed geopolitical risks, currency movement, and generally favourable U.S. crop weather.
Wheat posted the strongest gains as support came from stronger European wheat futures and a weaker U.S. dollar, which improves the competitiveness of U.S. grain exports. Continued uncertainty surrounding Black Sea grain movement also remained an underlying supportive influence for the wheat market. September Chicago was up 8 ½ cents to $6.39 ¾. and September Kansas City climbed 14 ¼ cents to $7.14. September Hard Red Spring was unchanged at $6.75 but September Minneapolis gained 8 ½ cents to $6.79 ½.
Corn had traded modestly higher earlier in the session after USDA announced a sale of 286,097 tonnes of corn to Mexico, but gains faded as favourable weather forecasts limited buying interest. The central and eastern Midwest are expected to see widespread rainfall over the next week to 10 days, accompanied by relatively moderate temperatures. Traders are also looking ahead to the upcoming USDA WASDE report for fresh direction. September and December were steady at $4.39 and $4.62, respectively.
Soybeans were similarly quiet. A USDA announcement that China purchased 238,000 tonnes of U.S. soybeans provided early support, but that was offset by expectations for favourable August weather and the possibility of improved crop conditions. Soybean oil was firmer during the session, while higher crude oil also provided some broader support to the oilseed complex. September beans eased a penny to $11.59, and December was down 1 ½ cents at $11.76 ¼.
