Market News

Soybeans weaker Friday, corn, wheat gain

Soybeans were lower Friday because of the Brazilian Rèal being lower in relation to the U.S. Dollar, giving a price advantage to Brazil’s soybean exports. The market fell despite weekly export sales being good at 1.66 million metric tons of soybeans. President Trump signed bills supporting Hong Kong human rights, which could add friction to trade talks.

Corn was higher because of slow harvest and another storm further slowing the harvest. Weekly corn export sales improved this past week. Colombia was among the top destinations for U.S. corn exports. Corn gained additional support from higher wheat prices.

Wheat was higher led by Chicago. Wheat export sales showed improvement. Among sales reported Friday were 22.5 million bushels, most of which went to The Philippines and Taiwan. The wheat market was also supported by wet weather slowing winter wheat planting in the U.K. and France.

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