MEXICO CITY: Chicago corn futures settled higher on Friday, making the fourth straight week of gains, after a week of flash sales to China and demand for ethanol processing.
Soybeans closed lower, ending a gains streak since late March, as a record Brazilian harvest tempered concern about drought losses in Argentina.
The most-active corn contract on the Chicago Board of Trade (CBOT) settled 14 cents higher at $6.66-1/4 per bushel, and closed the week higher for a fourth time in a row.
“The ethanol processor is coming after May corn, and it’s making a lot of money,” said Tom Fritz, a partner with EFG Group in Chicago.
The U.S. Department of Agriculture also announced large corn export sales to China for a second straight day on Friday.
Chicago wheat settled up 15-1/2 cents at $6.82-1/2 per bushel and soybeans settled down 1/2 cent at $15.00-1/2 per bushel.
A senior Russian diplomat said on Friday the West still has time to remove “obstacles” hindering the implementation of the Black Sea grain deal before a deadline on May 18.
The U.N. Secretary-General has written to Russia, Ukraine and Turkey to raise concerns about the implementation of the deal, saying that no ships were inspected on Tuesday.
Ongoing Ukrainian shipments through the corridor, despite inspection delays, and large Russian exports have tempered immediate worries about Black Sea wheat trade.
Argentina’s Buenos Aires grains exchange on Thursday said farmers would likely leave large tracts of soy fields unharvested due to damage from a historic drought.
But Brazilian farmers will produce record volumes of soybeans and corn this season, state statistics agency Conab said on Thursday.
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