Chicago Board of Trade wheat futures spiked on Friday amid an uptick in demand for U.S. wheat due to a weaker dollar and the availability of desirable new-crop wheat, traders said.
Chicago Mercantile Exchange live cattle futures closed higher on Friday as consumer demand for beef remains high and as U.S. cattle herds continue to undergo a period of contraction, traders said.
Chicago Mercantile Exchange live cattle futures closed higher for a second session on Wednesday, supported by strong wholesale beef prices and light technical trading ahead of the U.S. July Fourth holiday, traders said.
Chicago Board of Trade soybean futures rose on short covering on Wednesday after nearing a four-year low this week on concerns about large supplies and lackluster U.S. export demand, analysts said.
United States corn and soybean crops continued to remain at whatever whims the weather brings, according to John Weyer of Walsh Commercial Hedging Services in Chicago.
Chicago corn futures extended gains on Tuesday on short-covering and U.S. crop condition questions, while soybean prices also turned higher on technical trading and unfavorable weather in some soybean growing areas of the central U.S., traders said.
Chicago September corn CU24 plunged on Friday to contract lows after U.S. Department of Agriculture data showed far more acres planted with the grain than expected due to favorable spring weather.
Chicago Board of Trade wheat held steady on Wednesday after notching a more than two-month low the day before on bargain buying and positioning ahead of the U.S. Department of Agriculture's acreage report.
Grain futures at the Chicago Board of Trade (CBOT) are expected to decline after the United States Department of Agriculture (USDA) releases its prospective plantings and quarterly grain stocks reports on June 28.