In Chicago, wheat was down 0.8 percent, corn was down 1.1 percent, and rapeseed was down 1 percent from the previous day, while soybeans were flat. In Europe, milling wheat, rapeseed, and feed wheat also closed higher, but corn became cheaper.
Estimates from agricultural agencies around the world showed improvements in crop production in major growing areas, putting pressure on U.S. crop prices.
The Chinese agency has forecast total grain production at 706.5 million tons for 2024. This is a 1.6% increase compared to 2023, which is a record.
In Australia, the government raised its wheat production estimate to 31.9 million tonnes despite weather problems having previously hit the crop hard.
On Thursday, Brazil's Conab said crop production was up 8.2% from the previous year.
Opposing perspectives
The dollar has weakened against the euro, even as it strengthens against other major currencies.
Rania Gule, an analyst at XS.com, wrote that this has to do with the contrasting outlooks of the Federal Reserve (Fed), which acts as the US central bank, and the European Central Bank. The US central bank faces persistent inflationary pressures.
For U.S. grain traders, how the U.S. dollar performs against other competing currencies directly affects their grain export prospects. Thursday's grain export sales report showed a weakening in sales compared to recent weeks.
Waiting for tips
President-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month. Grain traders and analysts are looking at how to manage trade tensions between the United States and China.