Grains Slightly Higher, Soybeans Unchanged at Friday's Close
Soybean futures ended Friday's session unchanged after Informa Economic yesterday suggested Brazil’s crop would be bigger than previously expected.
Private researcher Informa raised its Brazil soybean production forecast to 108 million metric tons from a prior outlook of 106.5 million tons. The Department of Agriculture has pegged the country’s crop at 104 million tons, which would still make it easily the second-biggest producer behind only the U.S. Informa also raised its projection for corn output to 91 million tons from last month’s 89 million.
Favorable weather along with increased planting is giving crops in Brazil a boost, analysts said.
Corn and wheat futures made small gains throughout the session after prices earlier were lower.
Soybean futures ended the day unchanged at $10.37 a bushel. After a bit of a volatile session, soy meal dropped $2.20 to settle at $332.60 a short ton. Soy oil gained 0.28¢ to land at 34.44¢ a pound.
Wheat futures for May delivery rose 1¢ to almost $4.521⁄2 a bushel in Chicago. Kansas City futures for the same month gained 0.04¢ to land at $4.702⁄3 a bushel.
Corn futures rose 22⁄3 ¢ to settle at $3.802⁄3 a bushel in Chicago.