CHICAGO: Chicago Board of Trade (CBOT) wheat futures dropped on Friday as global supplies continue to pressure the US market, traders said.

Most-active CBOT March soft red winter wheat lost 12 cents to settle at $7.34-1/4 a bushel. For the week, the CBOT’s most-active wheat contract dipped 3.52%, its fifth consecutive week of declines. The spot December contract fell 11-1/2 cents to $7.12-3/4 a bushel. KC March hard red winter wheat lost 11-3/4 cents to $8.33 a bushel, and MGEX March spring wheat added cents to $9.09-1/2 a bushel.

US wheat stocks will total 571,000 bushels at the end of the 2022/23 marketing year, the US Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report, slightly below analyst expectations of 1.237 billion bushels.

CBOT SOYABEANS EASE

Chicago Board of Trade soyabean futures eased after mixed trading on Friday, traders said.

CBOT January soyabeans slipped 2-1/2 cents to $14.83-3/4 a bushel. For the week, the CBOT’s most-active soyabean contract climbed 3.15%. January soyaoil lost 1.30 cents to settle at 60.01 cents per pound. CBOT March soyameal climbed 6.20 to settle at $468.60 per short ton. All soyameal futures contracts set new life-of-contract highs, for the fourth consecutive session.

CORN HIGHER

Chicago Board of Trade corn futures ended slightly higher on Friday, despite increases to US stockpile estimates, traders said. Most-active CBOT March corn added 1-1/4 cents to settle at $6.44 a bushel. Nearby, December corn gained 2-3/4 cents to settle at $6.34-3/4 a bushel. For the week, the CBOT’s most-active corn contract eased 0.348%.

US corn stocks will total 1.257 billion bushels at the end of the 2022/23 marketing year, the US Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.