On Friday, the U.S. Department of Agriculture released a slew of data about the corn, wheat, and soybean markets. Ultimately, the reports projected larger corn and wheat supplies than expected and generally showed lower demand for the grain markets than most analysts had been anticipating.
The reports were largely disappointing to the markets, knocking corn prices to a new contract low at $3.46 per bushel. Worse yet, wheat prices in Chicago and Kansas City plunged, touching a three-week low on fears that farmers sharply increased wheat acreage when they planted this past fall.
However, soybeans rose on Friday for the first time this week on reports of a smaller soybean harvest last year and tighter supplies, trading midday near $9.53 per bushel.