We have updated our privacy policy and terms & conditions. Find out more here.

Grain futures - Weekly outlook: May 20 - 24

CommoditiesMay 19, 2013 11:14AM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - U.S. grain prices ended Friday’s session mixed, with front-month soybean and corn futures contracts rising sharply amid ongoing concerns over U.S. crop prospects.

On the Chicago Mercantile Exchange, soybeans for July delivery rallied 1.45% Friday to settle the week at USD14.4850 a bushel by close of trade.

Earlier in the day, prices rose to a session high of USD14.4912 a bushel, the strongest level since March 28.

On the week, the front-month July soy contract added 3.4%, the second consecutive weekly advance.

Market players continued to monitor weather forecasts for the U.S. Midwest region amid ongoing concerns over U.S. planting prospects.

According to the U.S. Department of Agriculture, only 6% of the U.S. soy crop was planted as of last week, significantly below the 43% planted in the same week a year earlier.

Indications of robust demand for U.S. supplies also boosted the oilseed after the USDA said U.S. farmers sold 120,000 tonnes of soybeans to China for 2013-14 delivery and 138,000 tonnes of soybeans to an unknown destination, including 18,000 tonnes for 2012-13.

Meanwhile, corn futures for July delivery jumped 1.7% on Friday to settle the week at USD6.5312 a bushel.  

On the week, the benchmark July corn contract added 2.5%.

The USDA said that 28% of the U.S. corn crop was planted as of last week, significantly below the 82% planted in the same week a year earlier.

Elsewhere on the Chicago Board of Trade, wheat for July delivery fell 0.85% on Friday to settle the week at USD6.8262 a bushel. Earlier in the day, CBOT wheat fell to a session low of USD6.8062 a bushel, the weakest level since April 3.

On the week, the July wheat contract lost 3%, the second consecutive weekly decline, amid easing concerns over global supplies of the grain.

Wheat prices have been under heavy selling pressure in recent sessions after weather forecasts pointed to improved weather for developing crops in the Black Sea region.

Last week the USDA said that global wheat inventories at the end of the year will total 186.4 million metric tons, up from the month-earlier estimate of 182.26 million, citing increased production in Russia, Canada and Australia.

In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Grain futures - Weekly outlook: May 20 - 24

Related Articles

Gold futures decline as U.S. dollar strengthens
Gold futures decline as U.S. dollar strengthens
By Investing.com - Mar 27, 2015

Investing.com - Gold prices declined on Friday, pulling back from three-week highs as the dollar regained some strength after Thursday's upbeat U.S. jobless claims report, although...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.