Grains End Week Mixed as Wheat Backs Off, Corn Edges Higher

Overview

• Markets closed Friday with wheat lower, corn slightly higher, soybeans near flat, and cotton extending a strong rally.
• USDA’s weekly report Thursday showed 1.4 million metric tons of old-crop corn sales, while soybean sales hit a marketing-year low at 247,886 tons.
• Argentina’s Buenos Aires Grain Exchange raised its corn harvest outlook to 61 million tons, adding supply to global projections and tempering recent rallies.
• Money managers cut their bullish corn bets by 59,149 contracts in the week ended April 14, according to CFTC data, signaling a more cautious stance.
• Livestock stayed soft as hog and cattle futures fell, with heavy slaughter totals reported and the trade looking to USDA’s Cattle on Feed update.