Chicago Board of Trade wheat futures fell on Wednesday amid signs of profit-taking and reports of ample global supplies, which are outweighing concerns over smaller Russian crop estimates, market analysts said.
Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country's biofuel policy would boost demand for soyoil, analysts said.
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
Chicago Board of Trade corn futures set contract lows and soybean futures sagged on Friday on expectations that beneficial weather for U.S. crops will lead to bumper harvests, analysts said.
The U.S. Department of Agriculture lowered its U.S. corn supply forecast in a monthly supply-and-demand report on Friday and raised its outlook for U.S. exports of the grain this season to a record high following a strong pace of overseas shipments.