Chicago Close: Corn, Soys End Higher

Corn and soybean futures both finished higher on Friday, supported by weather worries and hopes of additional Chinese buying.

The second straight day of gains pushed soybeans to near a three-week high, as reports today said Chinese trade officials pledged in a discussion with their U.S. counterparts Thursday evening that they would work toward fulfilling the purchase commitments made as part of the phase one trade agreement in January. Potentially damaging frost and freezes in the Midwest this weekend also offered support. July soybeans were up 6 ¼ cents to $8.50 ½ and November climbed 7 ¼ cents to $8.55 ½.

The trade news also buoyed corn. The building of a small weather premium against this weekend’s cold snap and possible damage to the emerged fraction of the corn crop further underpinned the market. An estimated 8% of the U.S. corn crop had emerged as of Sunday, according to this week’s USDA crop progress report. July corn was 1 ¼ cents higher at $3.19 ¼ and December was up 1 ¾ cents at $3.35 ¾.

Wheat ended mixed, with some support coming from possible cold weather damage to the U.S. crop this weekend. Pressure came from worries about weakening demand as many restaurants remain completely shuttered due to COVID-19. July Chicago wheat slipped a ½ cent to $5.22, July Kansas City gained 1 ¼ cents to $4.80 and July Minneapolis was up 5 cents at $5.16.

Live cattle futures were mostly higher today. Lean hogs ended lower.

Source: DePutter Publishing Ltd.

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