CHICAGO, May 30 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures were mostly higher for the trading week ending May 29 shortened by the Memorial Day holiday.
Corn ended slightly higher as funds exited short positions ahead of the end of the month. The focus over the next six to eight weeks will be on weather patterns in major corn production areas in the United States and Europe's Black Sea region.
The recovery in ethanol production is slow even as economic activity slowly resumes in many parts of the United States after two months of COVID-19 shutdowns. The Agricultural Research Council expects the U.S. Department of Agriculture (USDA) to cut estimates for U.S. corn grind for ethanol production by another 250 million to 300 million bushels.
The corn outlook is "ultra-bearish" as the United States, Brazil and Ukraine, all of which have an excess of supply, compete for the same markets for the September-to-January period, according to Chicago-based agricultural research firm AgResource.
Wheat ended higher on fund short covering amid lingering concern over falling grain crop sizes in Western Europe. Total world wheat supplies are record large.
Soybeans held in a narrow price range. U.S. farmers have planted 65 percent of the soy crop and seeding progress, and should advance to 80 percent to 84 percent through Sunday.
The coming sunny, humid and warm weather in the U.S. Midwest is expected to favor early crop growth and rooting. The prospect of adequate-to-surplus soil moisture in the U.S. Midwest in early June limits the likelihood of a summer drought.