WHEAT – Down 5 to 7 cents per bushel.
End-of-week profit-taking with further pressure by concern about China’s stated plan to raise banks’ reserve requirements to rein in food inflation.
* Dry weather in the western growing region of the U.S. winter wheat belt remains a problem for the emerging crop. Recent rainfall in other areas has benefited prewinter growth
of the crop.
* Some rain is forecast for the drier areas of the U.S. Midwest winter wheat crop by the middle of next week but more rain is needed.
* Drier weather in eastern Australia is buoying harvest prospects and aiding health of the maturing crop in that region.
CORN – Down 5 to 7 cents per bushel.
Plans by China to curb food inflation led to nervous profit-taking after the big gains on Thursday. Pressure also from China’s moves to sell domestic commodities from reserve
stocks.
* Showers are expected in the dry western crop area of Argentina over the next several days but more rain is needed. Overall satisfactory crop weather remains in Brazil but there are outlooks for drier weather in southern Brazil and that
weather pattern needs to be watched.
SOYBEANS – Down 16 to 18 cents per bushel.
Nervous profit-taking after the big rally on Thursday lending pressure. News of China’s plans to rein in food inflation and news China will be selling vegoils from reserves
lend pressure.
* Showers are expected in the dry western crop area of Argentina over the next several days but more rain is needed. Overall satisfactory crop weather remains in Brazil but there are outlooks for drier weather in southern Brazil and that
weather pattern needs to be watched