On Friday, agricultural futures at the Chicago Board of Trade (CBOT) experienced widespread increases, with wheat leading the way.
The most active corn contract for March delivery saw a rise of 0.5 cents, or 0.11 percent, settling at 4.73 U.S. dollars per bushel. March wheat also gained 3.75 cents, or 0.61 percent, settling at 6.1625 dollars per bushel. March soybean climbed 4.5 cents, or 0.35 percent, settling at 13.0625 dollars per bushel.
Soybean prices saw a modest increase due to close monitoring of rainfall in Brazil. It is expected that the markets will remain relatively stable as the year comes to a close, with little to no indication of new trends in daily price discovery next week.
The volatility seen in 2023 is expected to continue into 2024, with expanding geopolitical risks and a reliance on large global production to support increases in global stocks. Research company AgResource, based in Chicago, advises the strategy of advancing cash sales only on price rallies.
There is a lack of other significant news at this time.
Meanwhile, scattered showers are impacting northern and southern Brazil through Sunday, with diminished rain chances expected next week. Brazilian temperatures are forecasted to remain at or above average, leading to elevated evaporation rates.
