Chicago Board of Trade (CBOT) grains closed higher on Friday, bolstered by fund-driven short covering and technical buying.
The most active corn contract for March delivery went up 3 cents, or 0.84 percent, to 3.5875 dollars per bushel. March wheat delivery rose 5.5 cents, or 1.27 percent, to 4.385 dollars per bushel. January soybeans added 8.5 cents, or 0.86 percent to 9.9425 dollars per bushel.
Mounting concerns about excessively dry weather in Argentina, a threat to the country's growing corn and soybean crops, sparking buying.
The Argentine and South Brazilian forecast is drier and warmer than yesterday while extreme variable temperatures and dry weather dominates the Plains.
With a secondary seasonal low posted this week and funds heavily short, the adverse weather trend could spark a December rally as fund managers close out short positions heading into a New Year.
Wheat futures rose after Saudi Arabia issued a tender for almost 500,000 tonnes of milling wheat on Thursday.
In a report released after the market closed, the U.S. Department of Agriculture said that soybean processors crushed 176 million bushels of oil seed in October, up from 145 million in September and steady from a year earlier. That was supportive for soybean futures, said traders. Enditem
The most active corn contract for March delivery went up 3 cents, or 0.84 percent, to 3.5875 dollars per bushel. March wheat delivery rose 5.5 cents, or 1.27 percent, to 4.385 dollars per bushel. January soybeans added 8.5 cents, or 0.86 percent to 9.9425 dollars per bushel.
Mounting concerns about excessively dry weather in Argentina, a threat to the country's growing corn and soybean crops, sparking buying.
The Argentine and South Brazilian forecast is drier and warmer than yesterday while extreme variable temperatures and dry weather dominates the Plains.
With a secondary seasonal low posted this week and funds heavily short, the adverse weather trend could spark a December rally as fund managers close out short positions heading into a New Year.
Wheat futures rose after Saudi Arabia issued a tender for almost 500,000 tonnes of milling wheat on Thursday.
In a report released after the market closed, the U.S. Department of Agriculture said that soybean processors crushed 176 million bushels of oil seed in October, up from 145 million in September and steady from a year earlier. That was supportive for soybean futures, said traders. Enditem
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