US soybeans edged lower on Friday, although the oilseed was poised to record its first weekly gain in more than a month as strong export demand provided support.
Corn eased, with the grain on course to finish the week down 3 percent, its fifth consecutive weekly fall as ample global supplies pushed prices to a near five-month low on Thursday. Iowa corn yields are projected to fall about 4.5 percent from last year’s bumper crop, crop scouts said on their annual tour this week. Farm Journal’s Pro Farmer newsletter is expected to release their US Corn and Soy Production estimates today at 1:30 p.m. CST.
Wheat set for sixth weekly fall in past seven weeks.
Exporters sell 132,000 MT of soybeans for delivery to China during the 2017/2018 marketing year. Exporters sell 105,500 MT of soybean cake and meal for delivery to Thailand during the 2017/2018 marketing year. - USDA
World stocks climbed toward their best week in six on Friday, as a near three-year high in emerging market shares and a roaring rally in metals bolstered the year’s global bull run. Moves were mainly small ahead of speeches later by Fed Reserve and European Central bank heads Janet Yellen and Mario Draghi at one of the highlights of central banking calendar, the Jackson Hole, WY symposium.
Hurricane Harvey intensified early on Friday into potentially the biggest hurricane to hit the US mainland in more than a decade, as authorities warned locals to shelter from what could be life-threatening winds and floods. Harvey is set to make landfall late Friday or early Saturday on the central Texas coast where Corpus Christi and Houston are home to some of the biggest US refineries. Oil and gas operations have already been affected and gasoline prices have spiked.
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