US wheat futures were lower on Friday, retreating further from a two-year high touched earlier in the week, while corn and soybean prices also weakened. The price retreat comes despite further forecasts for hot dry weather in key US wheat-growing regions that have sparked worries about widespread production losses.
The most active wheat future (SRW) on the CBOT was down 1.2 percent after closing down 3.8 percent on Thursday. Wheat hit a two-year high earlier in the week of $5.74 ½ a bushel.
Exporters sell 143,000 MT of corn for delivery to Mexico, of which 11,000 MT is for 2016/2017 delivery and 132,000 MT for 2017/2018 delivery.
Showers Great Lakes/SE OH and TN Valleys/W Plains for the past day; low 90s W Midwest, 90s/low 100s C & NW Plains. Scattered showers in the OH Valley today and N & E Midwest late Sun through Wed (easing dry spots around Great Lakes). Showers next week to be more limited in C IL; dryness also to build in S ND/SD/N. NE/W. IA/SW MN. US spring wheat areas hottest (90s/100s) this weekend and 6-10 day; notable yield loss for at least west two-thirds of belt.
Weekly Export Sales-
|
Actual |
Estimated |
|
|
Wheat - NC |
375 |
300-500 |
|
Corn - OC |
140 |
350-550 |
|
Corn - NC |
74 |
0-200 |
|
Soybeans - OC |
365 |
200-400 |
|
Soybeans - NC |
73 |
50-250
|
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