Soybean prices rallied Friday as bargain buyers stepped in to snap up cheap contracts. But wheat prices saw some weakness across the United States. Given that we’re working hard on our weekly recap of the markets for our premium readership, we’re going to keep it short today.
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Let’s take a quick look at contracts at the Chicago Board of Trade from Friday.
Wheat Prices Slide in Chicago, Kansas City
Wheat futures have trended down after a turbulent week, down between one to four cents on Friday. The Ukrainian Grain Association expects 500,000 MT less wheat to be exported next year due to lower yields.
In Chicago, July 2018 SRW wheat prices down 4 cents to close at $4.91. The September contract is also down, by 2.5 cents to close at a tick above $5.04
Kansas HRW July 2018 prices down 4.5 cents to close at one tick below $4.89.
In Minneapolis, July spring wheat prices dropped 3.75 cents to close at $5.49. The September spring wheat contract dropped 3.75 cents to end the day at $5.61.
Soybean Prices Bounce Back thanks to Bargain Buying
Commitments for soybeans exports are still 4.2% behind a year ago. July 2018 soybeans finished the day up 14 cents to close the day at $8.94 and a half cent. Sept 2018 soybeans up 14.75 cents to close at $9.06.
Corn Prices Flat in Chicago
Corn futures July 2018 prices up one-quarter of a cent to close at one tick above $3.57. September prices were flat, closing at $3.665.
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