Chicago wheat falls to biggest weekly loss in six months; return soybeans
Wheat futures on the Chicago Mercantile Exchange closed their biggest weekly loss in six months as analysts said ample supply from the Black Sea region consider the price.
Availability of cheap abundant supplies from Traders say Russia and Ukraine are in strong competition with other global exporters, while reports of a record crop expected in second-ranked wheat exporter Australia also caused pressure on prices.
Wheat (W_1:COM) the most active contract expiring in March closed -0.4% at $7.43 1/2 per bushel, down 6% for the week, the biggest drop since July, while March soybean prices (S_1:COM) settled +1.5% down to $14.92 1/2 bushel, ending 2% lower for the week and March corn (C_1:COM) +0.2% Friday and fell 3.6% for the week to $6.54 a bushel.
ETFs: (Wet), (SOYB), (CORN), (business administration), (CAT)
CBOT soybean prices rebounded after recent losses on growing concerns about drought damage to crops in Argentina, the world’s top exporter of oil and processed soybean meal.
Fertilizer prices fell to a 19-month low this week as gas costs and farmer demand both fell.