KANSAS CITY, MISSOURI, US — Wheat futures tumbled to three-month lows in some cases Friday on pressure from export competition, mainly due to low-priced offers from the Black Sea region that left US prices well out of the running in most tenders. A smaller-than-expected Canadian wheat estimate from Statistics Canada did little to offset the export pressure.
Corn futures also fell on export concerns. Soy complex futures were mixed, with soybean oil continuing to fall after lower-than-expected Renewable Fuel Standard mandates issued by the Environmental Protection Agency on Thursday.
December corn dropped 15¢ to close at $6.35 a bushel. Chicago December wheat fell 21½¢ to close at $7.37¼ a bushel. Kansas City December wheat lost 21¢ to close at $8.82 a bushel. Minneapolis December wheat was down 14¾¢ to close at $9.39¾ a bushel. January soybeans climbed 8¾¢ to close at $14.38½ a bushel. December soybean meal added $3.60 to close at $424.50 per ton. December soybean oil was down 0.81¢ to settle at 67.59¢ a pound.
Falling to steep lows early in the session after fresh jobs data was released, US equity markets ultimately ended mixed on Friday with modest gains and losses. The November employment report showed the United States added 263,000 jobs last month, well above the anticipated 200,000 jobs, and the unemployment rate held steady at 3.7%. All were indicators that the US labor market remains persistently strong, which limits monetary policy endeavors to cool inflation.
US crude oil declined Friday. The January contract dropped $1.24 to close at $79.98 per barrel.Corn futures also lower on export concerns