CBOT corn and wheat closed lower on Friday, while soybean prices rose. However, for the week, most of these grains showed a downward trend.

Does this confirm the top of the grain market?

AgMarket.net analyst Jim McCormick said that corn and wheat futures both experienced technical sell-offs and profit returns. Both markets attempted to rebound for four consecutive trading days, but closed lower after experiencing resistance.

This is usually a sign of a weak market, but he said in this case, it could be a seasonal top unless a larger favorable weather story unfolds.

He said that corn cultivation gained some momentum during the incident after the rain. He believes that in the US Department of Agriculture's crop progress report in the early morning of next Tuesday, Beijing time, the corn planting progress may exceed the five-year average. “I think the market traded lower in anticipation of this. If the weather is more favorable for planting when we arrive on Monday, corn may fall below the key chart support level just above Friday's close.

McCormick said the wheat market has incorporated production concerns from Russia, the Black Sea and the European Union into pricing. Unless US exports increase, the market is likely to be overpriced and uncompetitive.

The findings of the Kansas Wheat Quality Commission also put pressure on wheat futures, as crop scouts estimated the yield at 46.5 bushels per acre, far higher than last year. Production was 290 million bushels, an increase of nearly 90 million bushels over 2023.

CBOT soybeans rebounded on Friday and saw a bull market spread driven by rising soybean meal and soybean oil prices.

McCormick said the market is concerned about Brazil's smaller production, particularly as floods in the southern region have damaged crops and slowed processing. Additionally, ongoing rumors about tariffs on used cooking oil supported a rebound in soybean oil later this week.