CHICAGO: Chicago Board of Trade wheat futures climbed on Friday on short-covering and concerns over weather in wheat-growing areas of the US Plains and globally. Corn futures ended modestly lower and soybean futures fell, pressured by favorable crop weather in the US Midwest that supported expectations of plentiful harvests.
But both markets stayed above four-year lows set this week. On the CBOT, most-active wheat futures ended up 7-1/2 cents at $5.42-3/4 a bushel. CBOT corn closed 1/4 cent lower at $4.04-3/4 a bushel and benchmark soybeans ended down 7 cents at $10.36 a bushel.
Global wheat export business increased this week after CBOT wheat futures fell to a four-month low and approached a four-year low. “We’re really seeing what happens when you take prices down to multi-year lows and get a little bit of an oversold condition,” said Arlan Suderman, chief commodities economist at StoneX.
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