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Grain futures - weekly outlook: June 23 - 27
Published Jun 22, 2014 09:23AM ET
U.S. wheat ends the week lower as ample supplies weigh
Investing.com - U.S. wheat futures ended the week close to a four-month low on Friday, as ongoing indications of ample supplies weighed.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery fell to a session low of $5.8260 a bushel on Friday, before trimming losses to settle at $5.8520 by close of trade, down 1.39%, or 8.2 cents.
On the week, the July wheat contract lost 0.13%, or 0.8 cents, the sixth consecutive weekly decline.
Prices of the grain have been on a downward trend recently as market players liquidated long positions amid indications of ample global supplies. Wheat slumped to a four-month low of $5.7660 a bushel on June 17.
Meanwhile, U.S. soybeans for July delivery dipped 0.35%, or 5.0 cents, on Friday to settle the week at $14.1560 a bushel. Prices of the oilseed slumped to a three-month low of $13.9340 on June 18.
On the week, the July soybean contract fell 0.7%, or 10.0 cents.
Elsewhere on the Chicago Board of Trade, U.S. corn for July delivery edged up 0.61%, or 2.6 cents, on Friday to settle at $4.4700 a bushel by close of trade, the highest level since June 10, as excessive rain in the U.S. sparked concerns over crop prospects.
The July corn contract rose 1.36%, or 6.2 cents on the week.
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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