CHICAGO: Chicago corn eased on Friday, after a strong rebound a day earlier as the market weighed up strong Chinese demand against US growing conditions.
Wheat and soybeans also edged lower, though spring wheat futures on the Minneapolis Grain Exchange (MGEX) climbed as a cold front hitting much of the US Midwest brought frost to the Northern Great Plains.
Market participants were also adjusting positions in the run-up to a US holiday weekend with markets closed on Monday. The most-active corn contract on the Chicago Board of Trade (CBOT) ended 7-3/4 cents lower at $6.56-3/4 per bushel easing 2-3/4 cents for the week.
CBOT wheat lost 12-3/4 cents to $6.63-1/2 per bushel, dropping 10-3/4 cents for the week, its third consecutive week of losses. CBOT Soybeans eased 6-1/2 cents to $15.30-1/2 per bushel, adding 4-1/4 cents for the week.
Corn futures varied wildly this week on rumours of Chinese cancellations of old-crop purchases, though the US Department of Agriculture on Thursday confirmed more than 5.6 million tonnes in new-crop corn sales to China last week while not showing large-scale cancellations.
The most-active July spring wheat contract on the Minneapolis Grain Exchange (MGEX) ended 10-1/4 cents higher to $7.27-1/2 per bushel.
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