Chicago wheat rose on Friday, and registered its biggest weekly gain in more than three months on concerns over lower production in Europe, reports Reuters.
Soybeans rose to a three-week high and corn inched up with rising demand for the crops, according to analysts.
The most-active wheat contract on the Chicago Board of Trade Wv1 settled up 2-3/4 cents to $5.51-1/2 per bushel, and corn Cv1 ended up 5 cents to $4.01 per bushel.
Soybeans Sv1 added 7-1/2 cents to finish at $10 per bushel, climbing to the highest level since Aug. 9.
The wheat market, which gained more than four per cent this week, had its biggest weekly gain since mid-May. Soybeans rose nearly three per cent this week, their biggest weekly rise in four months, and corn saw its first weekly rise in five weeks.
The European Commission on Thursday cut its estimate for usable production of common wheat in the European Union in 2024/25 to 116.1 million metric tons from 120.8 million forecast a month earlier, a four-year low.
Market players have raised concerns that recent hot, dry weather in the Midwest will dent expectations of bumper U.S. corn and soy crops. However, rainfall and forecasts for milder weather have allayed concerns, traders said.
Exporters sold 132,000 tons of U.S. soybeans to China and 100,000 tons of soymeal to Colombia, the U.S. Department of Agriculture said in a daily reporting system on Friday.
U.S. corn and soybean export sales for the week ended Aug. 22 came in above analyst expectations for 2024/25 sales.
"We're doing a little bit better on demand. We're seeing some corn sales and China's coming in finally buying some soybeans," said Bill Lapp, president of Advanced Economic Solutions.
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