CHICAGO: Chicago Board of Trade wheat futures slid 2.8% on Friday, their second straight day of declines, on a profit-taking setback as warming weather in the United States reduced the threat of damage to the dormant crop, traders said.
Corn and soyabean futures also were weaker but closed well above session lows after finding technical support. Traders said that a lack of export activity this week, even with Chinese buyers back on the market following the Lunar New Year celebrations, was seen as a bearish sign.
“A bull market needs to be fed everyday,” said Mark Gold, founder of Top Third Ag Marketing. “We just do not see export numbers justifying these kind of prices.”
All three commodities posted weekly gains. Soyabeans rose 1.5% this week, and hit a 6-1/2-year high on Thursday.
CBOT May soyabean futures were down 3-1/4 cents at $14.04-1/4 a bushel.
Soyabeans ended February with a ninth consecutive monthly gain, against a backdrop of dwindling US stocks and a rain-slowed Brazilian harvest that have raised uncertainty about availability to meet strong Chinese demand.
But in China, soyabean crushers are expected to curb activity due to Brazilian harvest delays, while fresh outbreaks of African swine fever have created concern about feed demand.
Comments
Comments are closed for this article.