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Grain futures - weekly outlook: January 5 - 9

Published 01/04/2015, 09:23 AM
Soybeans post weekly decline amid upbeat South America harvest outlook
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Investing.com - U.S. soybean futures fell to the lowest level in nearly a month on Friday, as concerns over rising global supplies weighed.

On the Chicago Mercantile Exchange, US soybeans for March delivery shed 16.0 cents, or 1.56%, to end the week at $10.0740 a bushel. Prices hit a session low of $10.0700 earlier, the weakest level since December 5.

On the week, the March soybean contract tumbled 46.1 cents, or 3.82%, the biggest weekly loss in three months.

Prices of the oilseed dropped almost 22% in 2014 amid indications of bumper crops in the U.S. and South America.

Meanwhile, US corn for March delivery fell to a daily low of $3.9140 a bushel, a level not seen since December 10, before settling at $3.9560, down 1.2 cents, or 0.31%.

The March corn contract declined 19.0 cents, or 4.46%, on the week, the largest weekly drop since July.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery slumped 8.4 cents, or 1.44%, on Friday to settle at $5.8120 a bushel, after hitting a daily low of $5.7460, the weakest level since December 11.

On the week, the March wheat contract lost 28.0 cents, or 4.62%, amid easing concerns about damage to crops from frigid weather conditions in the U.S. Midwest and Great Plains-region.

In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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