FUNDAMENTALS The most-active corn contract on the Chicago Board of Trade (CBOT) has gained 2.3% so far this week. The market was trading quarter a cent higher at $5.90-1/4 a bushel, as of 0110 GMT. Soybeans have added 1.3% this week, while wheat has gained 2.3%. Corn prices have climbed to multi-year highs on expectations of lower U.S. planting and cold weather in the United States. However, high prices are prompting farmers to sell while curbing demand. The strength in corn triggered some country movement after the market hit targets that farmers had left with grain dealers. China’s wheat feeding to pigs and poultry has dented demand for alternate feeds and clouded the market outlook for soybean meal and other key ingredients used by the country’s massive feed sector, analysts and traders said.
Chicago corn futures traded little changed on Friday but were on track for a third straight weekly gain as adverse U.S. weather and strong global demand raised concerns over supplies. Soybeans were on track for their biggest weekly gain in more than a month, while wheat was up for a second week in a row. .