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Corn futures soar, wheat hits month lows on volatile trading day

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Corn futures strengthened as the market continued to track not only dry weather forecasts (Image: Pixabay)

The futures contracts corn of the Chicago Stock Exchange closed higher on Friday, with the market continuing to closely watch the climate in South America, in what has become a relatively volatile and short trading day, analysts said.

Meanwhile, futures contracts wheat fell sharply – with the December contract hitting its lowest level since Aug. 22 – as recent weakness in Russian wheat prices continued to weigh on the market, traders say.

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The most active wheat contract fell 16.5 cents to $7.97 a bushel.

Soybeans rose 25 cents to $14.3625 a bushel and corn rose 5 cents to 6.7125 a bushel.

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Soybeans ended the day almost unchanged after the Argentina announced that it would restore a preferential exchange rate for exports of Soy until the end of the year, in a bid to accelerate exports of its main cash crop and bring in much-needed dollars.

And US grain and oilseed export demand issues also weighed on the market, traders say.

Corn futures strengthened as the market continued to track not only forecasts of dry weather that could put further stress on Argentine crops, but also questions about whether Ukraine’s harvest could face challenges next year, traders say.

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Source: Moneytimes

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