Corn Futures Retreat; Soybeans, Wheat Rise

By Benjamin ParkinFeaturesDow Jones Newswires

Grain and soybean futures were mixed after rallying earlier this week.

Corn futures for September delivery at the Chicago Board of Trade slid on Friday after bouncing almost 4% a day earlier. The contract fell 0.7% to $3.40 a bushel, ending the week slightly higher.

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Heavy producer selling pressured corn prices, said Brian Hoops, president of brokerage Midwest Market Solutions, with farmers stepping in to sell on the back of the recent rally.

CBOT September soybean futures rose 0.6% to $9.42 a bushel, also ending the week higher.

Crop yield estimates released by private forecaster Informa Economics had limited impact on prices. Informa put U.S. soybean yield at 49.4 bushels per acre with corn at 169.2 bushels per acre, traders said. Those figures were close to the U.S. Department of Agriculture's most recent August estimates.

INTL FCStone also released yield estimates this week of 166.9 bushels per acre for corn and 49.8 for soybeans.

Those estimates help give further credence to the view that crops have recovered from difficult growing weather earlier this season and are on track for a large harvest.

CBOT September wheat futures climbed 2.5% to $4.20 1/2 a bushel on Friday, the highest close in over two weeks. Analysts say technical factors encouraged buying.

Write to Benjamin Parkin at

(END) Dow Jones Newswires

September 01, 2017 16:33 ET (20:33 GMT)