Wheat futures ended weaker on Friday, pressured by renewed expectations of a possible easing of tensions in the Black Sea region, while corn managed modest gains and soybeans finished mixed.
Wheat came under selling pressure amid speculation that upcoming diplomatic discussions could eventually lead to improved grain export flows from Russia and Ukraine. Although fighting continues and Black Sea shipping remains disrupted, the possibility of reduced logistical constraints weighed on prices. Meanwhile, the Food and Agriculture Organization's latest monthly world food price index, released today, showed world cereal prices declining 4.5% in October amid subdued international demand and improving global production prospects, particularly in Argentina. December Chicago fell 8 cents to $5.91 ¼, December Kansas City was down 3 ¼ cents at $6.32 ½, and December Minneapolis dropped 4 cents to $6.16.
Corn futures recovered modestly following recent losses, supported by bargain buying and firmer energy markets. Traders also remained cautious ahead of Tuesday's USDA supply-demand report. December added 1 ½ cents to $4.41 ½, and March gained ¾ of a cent to $4.55 ¼.
Soybean futures finished mixed as the market attempted to stabilize following a prolonged selloff. Stronger crude oil prices offered some support through the soybean oil and biofuel markets, while uncertainty surrounding Chinese purchases continued to weigh on sentiment. Favourable Brazilian planting progress and expectations for substantial U.S. supplies added pressure. January beans managed a 5 ½-cent gain to $11.93 ¾, but new-crop November dipped 4 ¼ cents to $11.77 ½.
