Grain futures on the Chicago Stock Exchange had a week of declines, led by wheat, which lost 6.29%, followed by soybeans, which fell 1.79%, and corn, which had a decrease of 1.62 percent.
However, Friday was a positive day, with soybeans gaining after China said it would reduce its incentives for the export of used cooking oil, a move that could stem the flood of imports to the United States, analysts said.
Corn and wheat futures also rose on technical buying.
China’s Ministry of Finance announced that it would reduce or cancel export tax reliefs on a number of raw materials and other products, including “chemically modified animal, vegetable or microbial oils and fats, starting December 1.”
The most active soybean contract on the Chicago Board of Trade rose 17.5 cents to $10.05 a bushel. Wheat gained 10.5 cents to $5.4075 a bushel and corn gained 5.5 cents to $4.2450 a bushel.
Soybean and corn futures fell earlier in the week on news that President-elect Donald Trump had nominated biofuel critic Lee Zeldin to head the Environmental Protection Agency, raising questions about demand both export and internal grain and oilseed.
Wheat futures were pressured by a rally in the dollar, which hit one-year highs in the week after Trump’s victory, U.S. inflation data and comments from Federal Reserve chief Jerome Powell, which fueled concerns. expectations of a slower pace of interest rate cuts.
Wet weather in the Central and Southern Plains also put pressure on wheat futures.
