Corn and soybean futures rallied on Friday ahead of the long holiday weekend. Wheat was also higher on the day.
Corn saw the largest gains on the day, with reports saying the market was bolstered by continued support from Thursday’s strong weekly export sales report. US Midwest disease concerns - including tar spot and southern rust – which may negatively impact yields, added to the upside. December and march corn each gained 10 ¼ cents to close at $4.20 ¼, and $4.37 ¾.
Soybeans were boosted by technical support, as traders adjusted positions heading into the long weekend. November beans climbed 6 ½ cents to $10.54 ½, and January was up 5 ¾ cents at $10.72 ½.
Technical support also underpinned wheat, although large global supplies remained a bearish price influence. December Chicago wheat added 5 ¼ cents to $5.34 ¼, and December Kansas City gained 4 cents to $5.19 ¾. December Hard Red Spring was steady at $5.32 ¾, while December Minneapolis climbed 2 ¾ cents to $5.80.
