Investing.com - U.S. grain futures ended Friday’s session mixed, with wheat prices rallying to hit a four-week high amid ongoing concerns over crop conditions in key southern hemisphere exporters.
On the Chicago Mercantile Exchange, wheat for March delivery rose 0.79% on Friday to settle the week at USD6.6860 a bushel.
Earlier in the day, wheat prices climbed to a session high of USD6.7060 a bushel, the strongest level since November 4.
Grain markets remained closed on Thursday for the Thanksgiving Day holiday in the U.S. CBOT March wheat prices jumped 1.14% on Wednesday to settle at USD6.6340 a bushel.
The March wheat contract ended the week with a gain of 1.73%, the second consecutive weekly advance.
Wheat prices remained supported as potential production shortfalls in Argentina and Australia boosted expectations demand for U.S. supplies will increase in the near-term.
Elsewhere on the Chicago Board of Trade, soybeans for January delivery rallied 1.25% on Friday to settle the week at USD13.3640 a bushel by close of trade.
Prices of the oilseed rose to USD13.4100 a bushel on Wednesday, the strongest level since September 19.
On the week, the January soybean contract advanced 1.27%.
The U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1.77 million tonnes, well above market expectations.
The USDA also confirmed private sales of 110,000 tonnes of U.S. soybeans to China for delivery in the 2014-15 crop year.
Meanwhile, corn futures for March delivery declined 0.47% on Friday to settle the week at USD4.2440 a bushel. Corn prices fell to a session low of USD4.2160 a bushel earlier, the weakest level since November 22.
The March contract settled 0.41% higher on Wednesday to end at USD4.2640 a bushel.
On the week, the December corn contract lost 1.11%, the fifth weekly decline in six weeks.
Corn prices have been on a downward trend in recent months amid expectations this year’s corn harvest in the U.S. will be the largest on record. Prices of the grain slumped to a four-year low of USD4.1540 a bushel on November 8.
According to the USDA, nearly 95% of the corn harvest was completed as of last week, higher than the five-year average of 91% for this time of year.
In the week ahead, market players will focus on the release of key weekly USDA data, including crop progress numbers on Monday and export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, wheat for March delivery rose 0.79% on Friday to settle the week at USD6.6860 a bushel.
Earlier in the day, wheat prices climbed to a session high of USD6.7060 a bushel, the strongest level since November 4.
Grain markets remained closed on Thursday for the Thanksgiving Day holiday in the U.S. CBOT March wheat prices jumped 1.14% on Wednesday to settle at USD6.6340 a bushel.
The March wheat contract ended the week with a gain of 1.73%, the second consecutive weekly advance.
Wheat prices remained supported as potential production shortfalls in Argentina and Australia boosted expectations demand for U.S. supplies will increase in the near-term.
Elsewhere on the Chicago Board of Trade, soybeans for January delivery rallied 1.25% on Friday to settle the week at USD13.3640 a bushel by close of trade.
Prices of the oilseed rose to USD13.4100 a bushel on Wednesday, the strongest level since September 19.
On the week, the January soybean contract advanced 1.27%.
The U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1.77 million tonnes, well above market expectations.
The USDA also confirmed private sales of 110,000 tonnes of U.S. soybeans to China for delivery in the 2014-15 crop year.
Meanwhile, corn futures for March delivery declined 0.47% on Friday to settle the week at USD4.2440 a bushel. Corn prices fell to a session low of USD4.2160 a bushel earlier, the weakest level since November 22.
The March contract settled 0.41% higher on Wednesday to end at USD4.2640 a bushel.
On the week, the December corn contract lost 1.11%, the fifth weekly decline in six weeks.
Corn prices have been on a downward trend in recent months amid expectations this year’s corn harvest in the U.S. will be the largest on record. Prices of the grain slumped to a four-year low of USD4.1540 a bushel on November 8.
According to the USDA, nearly 95% of the corn harvest was completed as of last week, higher than the five-year average of 91% for this time of year.
In the week ahead, market players will focus on the release of key weekly USDA data, including crop progress numbers on Monday and export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.