SINGAPORE: Chicago corn and soybean futures edged higher on Friday but both markets were poised to end the week in negative territory, as near-ideal weather across the US Midwest raised expectations for robust supplies.
Wheat prices inched higher for a second session, supported by lower export volumes from top supplier Russia.
“There is an oversupply of grains and oilseeds in the market and US monthly report later today is likely to reinforce that,” said a grains trader in Singapore, requesting anonymity.
The US Department of Agriculture is due to issue its monthly crop estimates later on Friday.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $4.16-3/4 a bushel, as of 0245 GMT, and soybeans added 0.2% to $10.15-1/4 a bushel. Wheat edged 0.1% higher to $5.54-3/4 a bushel.
For the week, corn has lost 4.6%, the biggest weekly drop since late February.
Soybeans have dropped 3.2%, giving up much of last week’s gains while wheat has slid marginally.
Favourable Midwest weather continues to hang over corn and soybean markets, fuelling expectations of bumper US harvests that would add to big crops in rival exporter Brazil.
The Russian government on Thursday ordered measures to boost agriculture exports after international sales of wheat fell to their lowest since 2008, while traders are saying the new crop has been slow to come to the Black Sea terminals.
The Sovecon consultancy estimates July wheat exports at 2 million-2.5 million tons, compared with 3.67 million tons in July 2024.
Supply tensions could be short-lived, with the Russian harvest expected to accelerate in the coming days, according to traders.
China’s wheat output dipped 0.1% in 2025 from a year earlier, official data showed on Thursday, which is likely to limit the country’s need to purchase grains from the international market.
Commodity funds were net buyers of CBOT corn, soybean, soymeal, wheat and soyoil futures contracts on Thursday, traders said.
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