Wheat steadies near six-week low; corn and soybean futures fall
DBA•CBOT wheat futures closed up 1/4 cent at $6.83 per bushel, while corn fell 4-1/2 cents to $4.97-3/4 and soybeans dropped 5-3/4 cents to $12.78-1/4. Traders awaited USDA crop and supply-demand reports next week.
1. Grain futures settle
CBOT wheat futures ended nearly unchanged on Friday, near a six-week low. A Saudi Arabian tender for 535,000 metric tons of wheat for November and December shipments supported demand sentiment, while dollar strength capped prices.
2. Corn and soybean outlook
Corn futures fell as a larger-than-expected USDA estimate of U.S. corn stocks continued to weigh on the market. Soybeans declined under pressure from the ongoing harvest and forecasts for improving weather across the central Midwest. Traders debated the size of the corn and soybean crops ahead of next week's USDA reports; early fall rains have delayed harvest across much of the Midwest.
