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Wheat futures on the Chicago Board of Trade closed out their biggest weekly decline in six months as analysts said ample supplies from the Black Sea region weighed on prices.
The availability of abundant low-priced supplies from Russia and Ukraine are providing strong competition to other global exporters, traders said, while reports of a record crop expected in second ranked wheat exporter Australia also weighed on prices.
Wheat (W_1:COM) most-active contract that expires in March closed -0.4% at $7.43 1/2 per bushel, sinking 6% for the week in its biggest drop since July, while March soybeans (S_1:COM) settled +1.5% to $14.92 1/2 a bushel, ending 2% lower for the week, and March corn (C_1:COM) +0.2% on Friday and down 3.6% for the week to $6.54 per bushel.
ETFs: (WEAT), (SOYB), (CORN), (DBA), (MOO)
CBOT soybeans rebounded from recent losses on rising concerns about drought hurting crops in Argentina, the world’s top exporter of processed soybean oil and meal.
With gas costs and farmer demand both declining, fertilizer prices fell to 19-month lows this week.
Image and article originally from seekingalpha.com. Read the original article here.