Chicago Board of Trade (CBOT) agricultural futures climbed sharply higher across the board on Friday, boosted by weather delayed planting and bargain buying.
The most active corn contract for July delivery was up 14.5 cents, or 3.72 percent, to 4.0425 US dollars per bushel. July wheat was up 19.25 cents, or 4.09 percent, to 4.895 dollars per bushel. July soybeans were up 8.25 cents, or 1 percent, to 8.2975 dollars per bushel.
Corn futures surged as forecasts indicated more rain in the coming week for the US Midwest, which will further stall seeding. It’s the first time since May 29, 2018, that corn settled above 4 dollars per bushel.
CBOT wheat rallied by more than 4 percent over bargain buying and short-covering, said market watchers, after the grain posted sharp losses in the previous two sessions. Recent flooding hitting the southern plains also led to concerns that some wheat crops there may have been damaged.
US soybeans, which fell on Thursday despite an aid package aimed at offsetting the impacts of prolonged trade tensions with China, also rose significantly on Friday on bargain buying and delayed seeding.
CBOT floor traders estimated that funds on Friday bought 6,500 contracts of corn, 4,300 contracts of wheat and 3,200 contracts of soybeans.
