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MarketScreener Homepage  >  Futures  >  Chicago Board Of Trade - Floor  >  SOYBEANS FUTURES (S) - CBR (FLOOR)/C1       


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U.S. corn, soy futures snap losing streak; wheat weakens

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09/25/2020 | 12:02pm EDT

(Updates with U.S. trading, adds new analyst comment, changes byline/dateline; previously PARIS/SINGAPORE)

CHICAGO, Sept 25 (Reuters) - Chicago Board of Trade corn and soybean futures rose on Friday, bouncing back from four straight days of declines on a mild round of bargain buying, traders said.

But wheat futures weakened, weighed down by a firm dollar, which makes U.S. supplies more expensive to overseas buyers.

Soybeans have fallen 4.8% this week, on track for their biggest weekly decline since mid-March, while corn's weekly loss of 3.2% was set to be its biggest since early April.

The declines caused some investors to square positions ahead of the weekend although the gains were muted by expectations of a pick-up in the harvest pace in the coming days.

"You are seeing a little bit of evening up," said Jim Gerlach, president of A/C Trading. "I'll be surprised if they can keep it up because it is going to be a big harvest weekend."

At 10:49 a.m. CDT (1549 GMT), Chicago Board of Trade November soybean futures were up 6 cents at $10.06 a bushel.

"The contract seems to be consolidating a bit, but it will have to be watched closely to see if it can hold the symbolic $10 level," a European trader said.

CBOT December corn was 3 cents higher at $3.66-1/2 a bushel.

CBOT December wheat was off 4-1/4 cents at $5.45-1/2 a bushel. Wheat has fallen 5.1% this week.

The dollar extended its gains on Friday and was on track for its biggest weekly gain since early April, as investors sought safety amid a slowing economic recovery, rising coronavirus infections in Europe and uncertainty surrounding the upcoming U.S. elections.

Wheat markets had rallied with support from purchases by importing countries and a surge in Russian export prices, but forecasts calling for rain in parched wheat belts in Ukraine and Argentina in the coming days helped curb the upward trend. (Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Mark Potter and Steve Orlofsky)

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.72% 419.25 End-of-day quote.7.35%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.15% 386.8 End-of-day quote.27.51%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 1.37% 34.15 End-of-day quote.-2.32%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.61% 632.75 End-of-day quote.11.45%
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