CHICAGO, March 17 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed mixed on Friday with corn and wheat futures trading close to unchanged as their recent rally from multi-week lows ran out of steam in the absence of fresh fundamental news.
Soybeans weakened as the market remained anchored by expectations for a record crop in Brazil.
The most active corn contract for May delivery rose 1.5 cents, or 0.41 percent, to 3.675 dollars per bushel. May wheat delivery rose 0.5 cent, or 0.06 percent, to 4.3625 dollars per bushel. May soybeans dropped 1.5 cents, or 0.15 percent, to 10.00 dollars per bushel.
The wheat market continues to shrug off geopolitical tension, as well as this week' s frost/freeze damage across the Southeastern Midwest. No new daily export sales were announced, and macro market are similarly boring.
The U.S. Department of Agriculture last week raised its estimate for Brazilian soybean production to a record 108 million tonnes, up from a prior outlook for 104 million. Corn output in the country will total 91.5 million tonnes, up from a previous projection of 86.5 million tonnes, the USDA said.
Global soybean output is pegged at 1.05 billion tonnes, up from the prior forecast of 1.04 billion, according to the government.
A weakening U.S. dollar, which makes U.S. commodities more attractive to overseas buyers as well as investors looking for a hedge against inflation, provided some support to the grains and oilseeds.
The dollar fell to a five-week low on Friday, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further bull run in the currency by keeping a gradual pace to its monetary tightening policy.