CHICAGO: US wheat futures rose on Friday on a short-covering bounce as investors unwound bearish bets ahead of a three-day weekend. Traders said the recent volatility in the market — stemming from Russia’s invasion of Ukraine — made investors wary of holding onto positions when the market will be closed for a longer-than-usual stretch.
The benchmark Chicago Board of Trade July soft red winter wheat contract settled up 14-1/4 cents at $11.57-1/2 a bushel. KC hard red winter wheat for July delivery was 9 cents higher at $12.37-1/2 a bushel and MGEX July spring wheat futures were 12-1/2 cents higher at $13.04-3/4 a bushel.
For the week, CBOT wheat was down 1.0%, K.C. hard red winter wheat was 1.2% lower and MGEX spring wheat was up 2.0%. A group of South Korean flour mills bought an estimated 124,700 tonnes of wheat to be sourced from the United States, Canada and Australia in a tender.
Bangladesh is scrapping an international tender to import 50,000 tonnes of wheat as it received only one offer to supply the grain that was too expensive.
CBOT SOYABEANS RISE WITH TRADERS FOCUSED ON WEATHER
Chicago Board of Trade soyabean futures firmed for the third time in four sessions on Friday, with prices underpinned by expectations that rainy weather will delay planting in the northern US Plains, traders said.
But profit-taking pulled prices from the three-month high hit during the session as traders squared positions ahead of the three-day US Memorial Day weekend.
Soyameal futures also were firm but soyaoil weakened after the benchmark July contract hit resistance at its 10-day moving average.
CBOT July soyabeans ended up 5-3/4 cents at $17.32-1/4 a bushel after peaking at a contract high of $17.44-1/4.
CBOT July soyameal gained $4.10 to $432.30 a ton and CBOT July soyaoil was down 0.95 cent at 79.57 cents per lb.
For the week, soyabean futures rose 1.6%, their third straight week of gains. Soyameal posted a weekly gain of 0.7% while soyaoil fell 2.1%.
CBOT CORN RISES
Chicago Board of Trade corn futures rose 1.6% on Friday as forecasts for rainy weather in the US Midwest threatened to stall the final stretch of planting in the region.
Planting setbacks at this point of the year could curtail yields at harvest or cause farmers to abandon some of those fields and cash in insurance policies instead, traders said. The benchmark CBOT July corn futures contract settled up 12-1/4 cents at $7.77-1/4 a bushel. CBOT July corn rose above its 50-day moving average during the session.