fell on Friday on the prospect of dry weather for key Midwest
production areas in early May which would give farmers access to
fields during a crucial planting window, traders said.
Wheat futures were hovering closed to unchanged, with some
end-of-week profit-taking pulling prices from their highest in
more than a week despite concerns about a cold snap in the U.S.
Plains threatening to damage maturing crops.
end-of-week profit-taking pulling prices from their highest in
more than a week despite concerns about a cold snap in the U.S.
Plains threatening to damage maturing crops.
Corn futures notched the biggest declines, sagging 1.6
percent as the weather view, if realized, would allow farmers to
seed most of their corn crop before mid-May. Farmers that seed
corn after that point risk a reduction in yield.
percent as the weather view, if realized, would allow farmers to
seed most of their corn crop before mid-May. Farmers that seed
corn after that point risk a reduction in yield.
But heavy rains were expected this weekend.
"Nearly week of drying ahead then allows recovery in most of
Midwest, limits risk for standing water in corn/wheat,"
Commodity Weather Group said in a note to clients.
Midwest, limits risk for standing water in corn/wheat,"
Commodity Weather Group said in a note to clients.
At 10:35 a.m. CDT (1535 GMT), Chicago Board of Trade July
corn futures were down 5-3/4 cents at $3.63-1/2 a bushel.
Corn futures were down 0.1 percent for the week.
corn futures were down 5-3/4 cents at $3.63-1/2 a bushel.
Corn futures were down 0.1 percent for the week.
Heavy deliveries against the CBOT May corn contract
indicating an abundance of supplies, added pressure to corn
futures.
indicating an abundance of supplies, added pressure to corn
futures.
CBOT July soybean futures were 3-3/4 cents lower at
$9.53-1/2 a bushel and on track for a weekly loss of 0.8
percent.
$9.53-1/2 a bushel and on track for a weekly loss of 0.8
percent.
CBOT July wheat futures were 1-1/2 cents lower at
$4.29-3/4 a bushel. Prices topped out at $4.34-1/2, their
highest since April 20. The contract has risen 2.2 percent so
far this week, which would be the biggest weekly rally for wheat
in 11 weeks.
$4.29-3/4 a bushel. Prices topped out at $4.34-1/2, their
highest since April 20. The contract has risen 2.2 percent so
far this week, which would be the biggest weekly rally for wheat
in 11 weeks.
"There is adverse cold weather for the U.S. winter wheat
crop reflected in the price action today," said Kaname Gokon
from Tokyo brokerage Okato Shoji.
crop reflected in the price action today," said Kaname Gokon
from Tokyo brokerage Okato Shoji.
Low temperatures in north-central Kansas are expected to be
in the mid to upper 20s (Fahrenheit), according to the Commodity
Weather Group, potentially damaging for hard red winter wheat in
the biggest producing state.
in the mid to upper 20s (Fahrenheit), according to the Commodity
Weather Group, potentially damaging for hard red winter wheat in
the biggest producing state.
The chilly weather in the U.S. Plains has added resonance to
spring weather concerns in western Europe, where crops have
faced frost in the past week on top of dry conditions, notably
in France.BY MARK WEINRAUB.
spring weather concerns in western Europe, where crops have
faced frost in the past week on top of dry conditions, notably
in France.BY MARK WEINRAUB.
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