CANBERRA: US corn futures fell on Friday, retreating from a one-week high hit in the previous session, though expectations of strong demand pushed the grain towards weekly gains of more than 3%.

FUNDAMENTALS

• The most active corn futures on the Chicago Board of Trade were down 0.4% to $5.77-1/2 a bushel by 0255 GMT, having gained 3.4% in the previous session when prices hit a April 1 high of $5.83 a bushel.

  • Corn up more than 3% for the week, the second straight weekly gain.

  • The most active soybean futures up more than 0.5% for the week, the biggest weekly gain since March 5.

  • The most active wheat futures up nearly 3% for the week, the biggest weekly gain since Feb 19.

  • The US Energy Information Administration reported ethanol stocks at the lowest since November and as rain forecast for much of the US Midwest threatened planting.

  • Export sales of 757,000 tonnes of old-crop corn were reported by the USDA, down 5% from the week prior but in line with trade estimates.

• Freezing temperatures across much of France this week may have caused severe damage to newly planted sugar beet, adding to the difficulties of a sector hit by crop disease and low prices in recent seasons.