Chicago wheat futures sank on Tuesday on pressure from the ongoing harvest in the U.S. Plains and Black Sea as well as a lack of weather threats, analysts said.
U.S. corn and soybean futures fell on Friday as favourable weather in much of the Midwest boosted crop production potential and as traders squared positions ahead of the weekend, analysts said.
China’s soybean imports from Brazil surged 37.5 per cent in May from a year earlier, data showed on Friday, as buyers scooped up South America’s bumper crop, while supplies from the United States also rose 28.3 per cent.
Benchmark Chicago Board of Trade wheat futures jumped more than four per cent on Wednesday as weather worries in parts of the United States and Europe, coupled with signs of fresh global export business, prompted speculators to cover short positions, brokers said.
Varied rainfall across Manitoba left many areas of the province still in need of precipitation, with accumulations at 60 per cent of normal in eastern, Interlake and northwestern regions, reported Manitoba Agriculture in its latest weekly crop report.
U.S. soyoil futures hit their highest in 20 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while soybean futures touched a one-month high before paring gains.
U.S. soyoil futures surged their daily limit on Friday and soybeans hit a three-week high after President Donald Trump's administration proposed biofuel blending requirements that were above trade expectations, analysts said.