Bargain buying boosted corn futures on Friday ahead of the US holiday weekend, while wheat and soybeans advanced as well.
Corn posted moderate gains after prices were pushed lower this week in the aftermath of a USDA report on Monday which estimated 2025 US corn production at a new record high and well above market expectations. A USDA grain stocks report, also released Monday, showed Dec. 1 stockpiles of American corn above expectations as well. The USDA reported a couple private export sales this morning: 298,000 tonnes to unknown destinations, and 120,000 to Japan. March corn gained 4 ½ cents to $4.24 ¾, and new-crop December was 3 cents higher at $4.49 ¾.
Wheat rallied amid signs of global export demand, with new international tenders this week. March Chicago gained 7 ½ cents to $5.18, and March Kansas City was up a dime at $5.27 ¼. March Hard Red Spring inched up 1 ¾ cents to $5.58 and March Minneapolis was 2 ½ cents higher at $5.65.
Soybeans were higher with the strength in corn and soybeans, and a strong domestic crush pace. Reports said the National Oilseed Processors Association on Thursday reported the second-highest monthly crush volume on record for December. March and November beans each climbed 4 ¾ cents to close at $10.57 ¾, and $10.69.
US markets will be closed Monday for Martin Luther King Day. Canadian markets will remain open.
