Chicago Board of Trade (CBOT) grains futures ended mixed on Friday with wheat futures falling as investors liquidated bullish positions following the U.S. Department of Agriculture (USDA)’s forecast for a bigger-than-expected crop in the northern Plains.
The most active corn contract for December delivery added 3.75 cents, or 1.01 percent, to 3.7475 dollars per bushel. September wheat delivery went down 1.25 cents, or 0.28 percent to 4.3925 dollars per bushel. November soybeans delivery rose 4.75 cents, or 0.51 percent to 9.45 dollars per bushel.
CBOT brokers report that funds have sold 3,000 contracts of wheat and 2,200 contracts of soyoil, while being flat in soybeans and a buyer of 3,000 corn.
In the outside markets, the Brent crude oil market is 0.16 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.
AgYield senior strategist Dustin Johnson said the markets keep searching for news to trade. He mentioned the small price rebounds are attributed to weaker U.S. dollar and bargain hunting after Thursday’s large selloff.