Wheat and corn post weekly declines after fund-fuelled rally

Chicago

US wheat and corn futures fell on Friday last week for a second straight session as traders liquidated long positions ahead of a US holiday weekend, and following a fund-driven rally seen as lacking fundamental drivers, analysts said.

Soyabeans also extended losses from Thursday, pressured by falling vegetable oil prices in Asia and an advancing soyabean harvest in Brazil.

Chicago Board of Trade March wheat settled down 63/4 cents at US$4.41 per bushel. March corn was down 51/4 cents at US$3.681/4 a bushel, and March soyabeans were down 111/4 cents at US$10.321/2 a bushel.

Wheat and corn clo…