Corn, wheat and soybean futures all closed higher Friday, ending on a firmer note amid renewed trader positioning ahead of a potentially volatile stretch of market news.
Soybeans were supported as traders returned to long positions and covered shorts before Tuesday’s WASDE report, which will contain the first supply-demand estimates for the upcoming 2016-17 marketing year. Optimism the Trump-Xi meeting to be held later next week may lead to more Chinese export business for American supplies added to the upside. July beans jumped 15 ¾ cents and November was up 16 cents at $11.89 ½.
Corn gained as traders rebuilt risk premium ahead of the WASDE report and the Trump-Xi summit. Short covering also supported prices. Ongoing headlines from the Iran war added another layer of uncertainty, encouraging traders to avoid being caught short ahead of the weekend. July gained 3 ¾ cents to $4.71 ¼, and December added 4 cents to $4.93 ½.
Wheat was supported by broader strength across the grain complex and pre-report positioning ahead of the WASDE report. July Chicago was up 6 ¾ cents at $6.19, and July Kansas City climbed 8 ½ cents to $6.75 ¾. July Hard Red Spring was 6 ¾ cents higher at $6.82 ¾, and July Minneapolis closed up 4 ¾ cents at $6.78 ½.
