U.S. corn and soybean futures closed higher on Friday, lifted by bargain-buying following this week’s multi-month lows, dryness in the Midwest crop belt and spillover strength from equities and crude oil, traders said. Wheat followed the firm trend, drawing additional support from weather concerns in China and tensions over a shipping corridor from war-torn Ukraine.
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Chicago Board of Trade July corn settled up 16-1/2 cents at $6.09 per bushel, pushing through chart resistance at its 50-day moving average near $6.05. CBOT July soybeans SN3 ended up 23 cents at $13.52-1/2 a bushel and July wheat WN3 finished up 8-1/4 cents at $6.19 a bushel. For the week, benchmark corn rose 0.8%, soybeans rose 1.1% and wheat Wv1 rose 0.5%. Mediocre weekly export sales of U.S. corn, soybeans and wheat underscored market worries about poor demand. But futures for all three grains rallied as traders focused instead on U.S. crop weather, with dryness building in portions of the Midwest. “The weather is becoming an increasing concern, especially in the corn and to a lesser extent the beans,” said Jack Scoville, analyst with the Price Futures Group in Chicago. An improving macroeconomic outlook lent support. Wall Street equity markets rose on bullish U.S. jobs data and congressional approval of legislation to avert a catastrophic debt default. .N “Crude oil is up and ...
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