Wheat futures ended lower on Friday, while soybeans were higher and corn little changed.
Profit taking and trader positioning heading into the weekend weighed on wheat, after the benchmark Chicago market climbed to its highest in about two years earlier this week. The Wheat Quality Council's annual U.S. spring wheat tour concluded on Thursday, putting the average spring wheat yield at 48 bu/acre, down 1 bu from a year earlier. September Chicago wheat lost 18 ¼ cents to $6.78, and September Kansas City dropped 14 ½ cents to $7.45 ¼. September Hard Red Spring was down 19 ¼ cents at $7.15 ¾, and September Minneapolis fell 15 ¾ cents to $7.14 ¼.
Soybeans got a boost from U.S. weather concerns, with portions of the American Midwest, including the eastern Dakotas and parts of Iowa not expected to see any rain of significance for the next 10 days or so. September beans added 9 ¼ cents to $12.40 ¼, and November was up 9 ¾ cents to $12.53 ½.
Corn was also lifted by weather worries, but weakness in crude oil today was a bearish influence. U.S. crude oil surrendered roughly half of Thursday’s 6% rally, while Brent fell back toward $97/barrel after reaching a two-month high above $102. September corn managed a ¼-cent gain to $4.64 ¼, and December was steady at $4.87 ½.
