Corn and soybean futures gained on Friday amid forecasts calling for hot temperatures in parts of the American Midwest. Wheat was mostly higher on the day.
After mostly favourable spring and summer weather with minimal extreme heat or prolonged dryness, a high-pressure system building over the central and eastern US is expected to bring a stretch of hotter, more humid conditions beginning this weekend and lasting into early August. The heat, which will be accompanied by scattered showers, is expected to impact the southwestern Corn Belt but appears unlikely to spread into the more central regions. Strength from soyoil, which hit new contract highs for the second day, also spilled over to lift soybeans. August soybeans were up 6 ¼ cents to $10.27 ¾, and November added 9 ¼ cents to $10.35 ¾.
September corn gained 6 ½ cents to $4.08 ½, and December was up 6 ¾ cents $4.27 ¾.
Wheat moved mainly higher as the American winter wheat harvest moved closer to completion, helping to ease seasonal pressure. September Chicago was up 12 ¾ cents to $5.46 ¼, and September Kansas City was 11 ½ cents higher at $5.29. Chicago spring wheat fell 3 ¾ cents to $5.74 ½, and September Minneapolis added a ½ cent to $5.95 ½.
