On the Chicago Mercantile Exchange, corn futures for March delivery traded at USD5.8288 per bushel by close of trade on Friday, dropping 1.67% over the week, the sixth consecutive weekly decline.
Corn prices fell to USD5.7762 a bushel on Thursday, the lowest since October 3.
The U.S. Department of Agriculture said Thursday that corn exports inspected at U.S. ports in the week ended December 8 totaled 504,700 tonnes, below expectations for 600,000 tonnes and down from 708,000 tonnes sold in the preceding week.
The slowdown in demand for U.S. corn reflects declining demand from China, the world’s second largest consumer. Sinograin, which manages state reserves, said Friday that it has shifted to stockpiling domestic crops after it purchased 3 to 4 million tonnes of U.S. corn this year to help replenish state reserves.
Corn prices plunged almost 2.3% on Wednesday as a broadly stronger U.S. dollar and lingering concerns over a possible mass downgrade in the euro zone prompted investors to shun riskier assets.
Elsewhere on the Chicago Board of Trade, wheat for March delivery lost 1.68% over the week to settle at USD5.8388 a bushel on Friday. Earlier in the day, prices fell to USD5.8375 a bushel, the lowest since July 27, 2010.
Wheat prices fell to USD5.7725 a bushel earlier Friday, the lowest since November 29.
The USDA said that wheat exports inspected at U.S. ports last week came in at 318,400 tonnes, down 26% from the previous week and 32% below the four-week average.
Argentina’s Buenos Aires Grains Exchange on Thursday revised up its wheat crop harvest outlook to 13.6 million tonnes, up from a previous forecast of 13.0 million, due to the positive impact of earlier rains on yields.
Argentina is a major wheat exporter and competes with the U.S. for business on the global market. Large Argentinean crop prospects could weigh on demand for U.S. supplies, which is the world’s third largest wheat producer and biggest exporter.
On Wednesday, wheat prices tumbled nearly 3.15%, tracking broad based losses across the commodities complex.
Meanwhile, soybeans for January delivery gained 2.17% on the week to settle at USD11.3025 a bushel by close of trade Friday. Earlier in the day, prices rose to USD11.3038 a bushel, the highest since December 9.
Soybean prices were boosted by ongoing concerns over hot dry weather conditions in Brazil, the world’s second largest soy exporter.
According to industry weather group Telvent DTB, major soybean-growing regions in the southern part of Brazil were forecast to turn hotter early next week, while most parts of Rio Grande do Sul and southern Parana states have had below normal rainfall so far this month.
The dry weather conditions were likely to reduce soil moisture, potentially threatening yields and weighing on the quality of the harvest.
Traders have been focusing on crop prospects in Southern Hemisphere countries in recent sessions, as most Northern Hemisphere corn crops have been harvested by now.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay. For the latest updates on the stock market, visit Stock Market Today
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