By Kirk Maltais
--Wheat for July delivery fell 0.6% to $6.16 1/4 a bushel on the Chicago Board of Trade on Friday, in response to profit-taking among traders.
--Corn for July delivery fell 0.1% to $4.63 1/2 a bushel.
--Soybeans for July delivery rose 0.2% to $11.76 3/4 a bushel.
HIGHLIGHTS
Locking in Gains: Traders locked in profits in grains ahead of the weekend, keeping futures down for most of the session. There was speculation about whether the market added too much risk premium to futures too early in the year. "Open interest was getting a little high in corn/soy and profits were taken," said Karl Setzer of Consus Ag Consulting. The CFTC will update its Commitments of Traders report this afternoon. Last week's report showed both corn and soybeans had comfortably net-long positions among fund traders.
Sleepy Activity: Volumes traded on the CBOT today were light, with price movement mostly listless as of Friday afternoon, said AgResource in a note. "Interest in trading is dull with rallies capped by favorable Central U.S. weather with a forecast improvement for Plains rainfall," said the firm.
INSIGHT
Question Mark: Wet weather in the eastern Corn Belt has kept a lot of farmers out of their fields so far this spring. This may eventually lift futures if things don't dry up and allow farmers to plant, said Doug Bergman of RCM Alternatives in a note. If the rain breaks, then grains are likely to keep trading sideways, he said. "Look for the market to continue its range-bound trade with potential for seasonal weakness as the crop goes in, and before focus shifts to summer weather," said Bergman.
AHEAD
-The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.
-The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.
-The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.
Matt Grossman contributed to this article.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
04-24-26 1541ET
