Despite a week marked by the American National Day, the markets have risen sharply in the last few days to end the week on a positive note.
Encouraging data from the US economy eased some tensions in the market. Vigorous demand is supporting markets, which helped wheat rebound 5% and soybeans rally after a six-month futures low.
Dry weather forecasts for the corn and soybean producing regions also raise fears of direct consequences for yields since the crops are in their pollination phase.
The state of the crops last Monday was considered to be still good on average. Field conditions and assessment of corn and soybeans will need to be monitored over the next few weeks. The next supply and demand report announced on Tuesday could also influence prices.
Foreign sales, however, disappointed. Old crop maize sales amounted to 67,000 tonnes against expectations of 111,000 tonnes. Wheat sales hit the lower end of the forecast range at 286,000 tonnes. The US Department of Agriculture has also reported cancellations of old-crop soybean sales.
The wheat bushel for September ended at US$8.91, down from US$8.46 last week.
A bushel of corn for December ended Friday at US$6.24, down from US$6.08 a week earlier.
A bushel of soybeans for November closed at US$13.96, compared to US$13.95 last Friday.