Soybean and corn futures at the Chicago Board of Trade suffered a profit-taking correction on May 29, as speculative positioning and relatively favourable seeding progress across the United States weighed on values.
The managed money net short position in canola futures held steady during the week ended May 21, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Chicago Board of Trade wheat futures extended gains on Thursday after reaching a 10-month peak a day earlier, as lingering dryness and worries over the Black Sea crop continued to underpin the market.
Planting of the spring wheat in the United States continues to be off to an excellent start, according to Tom Lilja of Progressive Ag in Fargo. Meanwhile, the heavy rains that fell as of May 21 are very likely to lead to less corn being seeded with U.S. farmers switching to soybeans.
Chicago Board of Trade wheat futures climbed to a 10-month peak on Wednesday as worries grew about deteriorating harvest prospects in top exporter Russia, before the market turned lower.
Chicago Board of Trade wheat futures Wv1 reached their highest level since July on Tuesday as frost damage in top-exporter Russia and lower U.S. crop ratings supported prices, traders said.
Chicago Board of Trade wheat futures dropped on Friday after a crop tour through Kansas this week projected better-than-average yields in the top U.S. winter wheat state, analysts said.
Bids for Canadian Western Red Spring (CWRS) and Canadian Prairie Red Spring (CPRS) wheat varieties were higher for the week ended May 16. The price rises were mainly due to stronger United States wheat futures and weather concerns at home and abroad.
Chicago Board of Trade soybean futures ended mixed on Thursday as renewed worries about major flooding in southern Brazil offset data indicating lower demand for soy from U.S. processors, analysts said.