Chicago Board of Trade corn and soy dipped in choppy trade on Tuesday as traders weighed U.S. planting progress and strong corn ratings with adverse weather in importer Mexico and downgrades to soybean harvest forecasts in major exporter Brazil.
Chicago Board of Trade corn and soybean futures fell on Monday on shaky demand, technical trading and expectations of strong seeding progress and crop condition for corn later in the day, traders said.
Forecasts for a smaller Russian wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country's crop, analysts said.
Chicago wheat futures turned lower for a second straight session on Thursday, falling from 10-month highs, as traders assessed whether rain forecast in parts of Russia would halt a rapid decline in harvest estimates for the world's top exporter.
Chicago wheat futures edged down on Wednesday as investors took profits after the recent rally and questions remained about whether forecasts for rain in Russia would stem a decline in harvest prospects in the world's biggest exporter.
Chicago Board of Trade wheat futures closed nearly flat on Friday but rose seven per cent for the week as concerns grew over crop losses in Russia and other exporting countries.
Chicago Board of Trade wheat futures extended gains on Thursday after reaching a 10-month peak a day earlier, as lingering dryness and worries over the Black Sea crop continued to underpin the market.
Planting of the spring wheat in the United States continues to be off to an excellent start, according to Tom Lilja of Progressive Ag in Fargo. Meanwhile, the heavy rains that fell as of May 21 are very likely to lead to less corn being seeded with U.S. farmers switching to soybeans.
Chicago Board of Trade wheat futures climbed to a 10-month peak on Wednesday as worries grew about deteriorating harvest prospects in top exporter Russia, before the market turned lower.