Although corn, soybean and wheat futures were steady to lower on Friday, the March contracts gained ground from the previous week.
The March soybean contract finished the week at $8.7825, up 5.5 cents from the Feb. 12 closing price of $8.7275. Support came from commercial short-covering and China increasing purchases following a decline in imports experienced during the previous Lunar Holiday week. There were also reports that a backlog of Brazilian export loadings of soybeans and corn was double that of a year ago due to rain delaying shipments.
On the other side, favourable prospects for the South American crop limited the price gains.
The average, daily CK old crop basis ranged from $2.80 to $2.86. The range for the previous week was $2.79 to $2.87
For corn, the March contract finished the week at $3.655, up approximately seven cents from the previous week. The average CK basis was $1.03, losing a penny from the previous week.
As for wheat, the March contract closed on Friday at $4.6175, up approximately four cents from the previous Friday. The contract was supported by a short-covering rally early in the week, but prices were pressured by sluggish demand for U.S. wheat and ample world supplies.
The Canadian dollar finished the week fractionally higher compared to the previous Friday as the Bank of Canada Noon Exchange Rate was $1.3801. The Loonie staged a rally last Wednesday following the lead of stronger crude oil prices. The noon exchange rate that day was $1.3684.
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