Wheat still on the decline
Grain futures were mixed at the end of the week of January 17, with wheat capping a seventh weekly decline. Corn also lost ground while soybeans advanced. The Chicago Board of Trade (CBOT) was closed January 20 in observance of the Martin Luther King Jr. holiday.
On the CBOT, wheat futures for settlement in March declined 1.84 percent to settle at $5.6288 per bushel on January 17.
Prices jumped to a session high of $5.7962, while day’s bottom was touched at $5.6288 per bushel. On January 10, prices touched $5.6088 per bushel, the weakest level since July 2010.
Wheat settled the week 0.9 percent lower, which was a seventh weekly decline, the longest losing streak since October 2011. The grain continued last year’s downward trend, when it slumped 22 percent, marking the largest annual decline since 2008, on expectations for a record global output of 712.7 million metric tons, according to data by the U.S. Department of Agriculture (USDA).
Elsewhere on the grains market, corn futures for March delivery lost 0.65 percent to settle at $4.2463 a bushel on January 17. Futures held in a range between day’s high and low of $4.2788 and $4.2238 per bushel. On January 10, prices touched $4.0638 per bushel, the lowest since August 2010.
The grain settled the week 1.7 percent lower after it lost nearly 40 percent in 2013, the steepest annual drop on record amid expectations the global output will surge to 964.3 million tons in 2013-2014 season, boosted by record production in the U.S., the world’s top producer.
On the CBOT, soybeans futures for settlement in March advanced 0.15 percent to settle at $13.1663 per bushel on January 17. Prices touched a session high at $13.1838 per bushel, while day’s low stood at $13.0562 per bushel. On January 16, prices touched $13.2988 per bushel, the strongest level since December 27, 2013. However, the oilseed settled last year 8.5 percent lower.