CBOT corn closes week higher, extends recovery from nine-month low

CHICAGO: Chicago Board of Trade corn futures closed the week higher on Friday as doubts swirled around the future of the Black Sea grains corridor.

Ukraine, Russia, Turkey and the United Nations failed to reach agreement to authorize any new vessels to carry out Black Sea grain exports, deputy UN spokesperson Farhan Haq said. Haq said daily inspections of previously authorized ships continued. The pace of shipments from Ukraine has slowed as concerns grow over ships getting stuck if a deal is not renewed later this month.

Benchmark CBOT July corn ended 7-1/2 cents higher at $5.96-1/2 a bushel. The most-active corn contract rose 2.1% this week after having posted losses in the previous two weeks and sinking to its lowest since July 25, 2022, on Wednesday. New-crop December corn futures ended up 6-1/4 cents at $5.34-3/4 a bushel.

Ukraine’s grain exports for the 2022/23 season stood at 42.5 million tonnes, including 25.1 million tonnes of corn, Agriculture Ministry data showed.

soybeans higher

US soybean futures closed higher on Friday, recovering from a seven-month low reached earlier this week.

Brazil’s soy exports were seen reaching 12.08 million tonnes in May versus 10.27 million tonnes in the same month a year ago, according to Brazilian trade group Anec.

Brazil’s soymeal exports were seen reaching 2.2 million tonnes in May versus 1.89 million tonnes in the same month a year ago, Anec said.

The benchmark Chicago Board of Trade July soybean futures contract settled up 18-3/4 cents at $14.36-1/2 a bushel. The most-active contract earlier in the week touched a low not seen since October.

New-crop November soybeans gained 11-1/2 cents to settle at $12.80 a bushel.

CBOT July soymeal futures were up $1.50 at $426.10 a ton, and CBOT July soyoil gained 1.85 cents to 54.33 cents per pound.

wheat up

Chicago Board of Trade soft red winter wheat futures ended the week higher on Friday as markets assessed developments in the Black Sea.

Ukraine, Russia, Turkey and the United Nations failed to reach agreement to authorize any new vessels to carry out Black Sea grain exports, deputy UN spokesperson Farhan Haq said. Haq said daily inspections of previously authorized ships continued.

The pace of shipments from Ukraine has slowed as concerns grow over ships getting stuck if a deal is not renewed later this month.

CBOT July soft red winter wheat futures gained 15-1/4 cents to settle at $6.60-1/4 a bushel. The most-active contract this week dipped to $6.03-3/4, its lowest since April 2021