Chicago Mercantile Exchange cattle futures were mostly stable on Friday on pre-weekend positioning following a technical-driven selloff this week, traders said.
Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heatwave that could threaten some crops in the U.S. Midwest, traders said.
More than 1,600 Prairie farms were hit by hail between July 29 and August 11, with the heaviest damage in Alberta, according to the Canadian Crop Hail Association (CCHC).
Iowa's corn yield potential set a new record high for the Pro Farmer Crop Tour while excessive June rains drove Minnesota's corn yield prospects to the lowest levels since 2012, scouts on an annual tour of top U.S. production states found on Thursday.
Chicago Board of Trade wheat futures hit contract lows on Thursday as low prices for Black Sea wheat and a stronger dollar undercut the competitiveness of U.S. grains, analysts said.
The work stoppage at the Canadian National Railway (CN Rail) and Canadian Pacific Kansas City (CPKC) will adversely affect feed grain sales and deliveries, according to one grain broker.
Chicago Board of Trade wheat futures Wv1 fell on Wednesday as heavy world supplies and cheap Black Sea exports weighed on prices, ahead of a potential Canadian rail stoppage on Thursday.
Corn and wheat prices at the Chicago Board of Trade (CBOT) were mostly steady during the week ended Aug. 21, while those for soybeans started to move upward.
Days before Statistics Canada presents its monthly principal field crop estimates, Agriculture and Agri-Food Canada (AAFC) released its estimates on Aug. 20, showing some changes to grains from the month before.