Chicago Board of Trade (CBOT) grains futures closed mixed on Friday with corn futures drifting to a one-week low as traders adjusted positions ahead of a monthly U.S. government report that analysts expect to show rising grain inventories and big South American crops.

Agriculture tractor plowing fieldSoybeans closed narrowly mixed but the most-active contract posted a fifth weekly decline, its longest losing streak in 30 months, weighed down by rising global supplies.

Wheat ended little changed after a choppy session.

The most active corn contract for May delivery fell 1.25 cents, or 0.35 percent, to 3.595 dollars per bushel. May wheat delivery rose 0.75 cents, or 0.18 percent to 4.24 dollars per bushel. May soybeans was up 0.5 cents, or 0.05 percent, to 9.42 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.49 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 40 points higher.

Cory Bratland, Kluis Commodities, says the geopolitical news is affecting the grain market’s attitude today.

“Strong weekly export sales could not muster a rally and the market faded after finding no bullish news out there. Soybeans are a bit lower this morning, after the attack on Syria put some uncertainty back in the market. When there are big unknown factors, the market has a tendency to drift lower,” Bratland stated in a daily note to customers. Enditem

Source: Xinhua/NewsGhana.com.gh