Breaking News

Grain futures - Weekly outlook: August 26 - 30

CommoditiesAug 25, 2013 09:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Investing.com - U.S. grain prices ended Friday’s session broadly higher, as investors returned to the market to seek cheap valuations following Thursday’s heavy losses.

Investors continued to focus on weather conditions and crop prospects in the U.S. Midwest and Great Plains-region.

On the Chicago Mercantile Exchange, soybeans for November surged 3.2% on Friday to settle the week at USD13.2800 a bushel by close of trade. Prices of the oilseed tumbled 1.3% on Thursday to settle at USD12.8660 a bushel.

The November soy contract rallied 4.2% on the week.

Prices came under pressure on Thursday after wet weather eased concerns over potential crop damage.

But revised forecasts on Friday called for warmer and drier weather across major soy-growing states in the U.S. Midwest during the next three-to-five-days.

Agricultural traders pay close attention to the weather because farmers need favorable conditions to grow large crops to replenish low inventories.

Meanwhile, findings from the Pro Farmer Midwest Crop Tour showed that the soybean harvest in top producer Iowa could be below average in the current market season.

Tour participants include farmers, brokers, hedge fund analysts, agronomists and grain buyers, who travel the main corn-and-soybean-growing regions in seven states over four days.

Elsewhere on the Chicago Board of Trade, corn futures for December delivery rallied 1.2% on Friday to settle the week at USD4.7000 a bushel. The new-crop December contract plunged 3.9% on Thursday to settle at USD4.6440 a bushel.

On the week, the December corn contract added 1.4%.

Prices rebounded on Friday as the same weather conditions that boosted soybeans supported corn as well.   

The Pro Farmer Midwest Crop Tour projected Iowa’s average corn yield at 171.9 bushels per acre, up 20% from last year.

Meanwhile, wheat for December delivery rose 0.86% on Friday to settle the week at USD6.4600 a bushel. CBOT December wheat prices fell 1.35% on Thursday.

The December wheat contract ended the week with a modest gain of 0.4%.

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: August 26 - 30

Related Articles

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.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • 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?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
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?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
Sign up with Email