Traders were cautious ahead of the holiday break, with corn and soybean futures posting small gains on Friday while wheat was mixed.
Corn was initially pressured by ongoing concerns about the negative impact the closure of two Texas railway crossings into Mexico was having on American exports. However, the market was eventually able to work its way higher with help from easing US inflation worries. A US economic report today showed core inflation up just 0.1% month-over-month in November, lower than expected. Later in the afternoon, it was announced the railway crossings – which were initially closed in response to migrant traffic – had reopened. March corn was up a ½ cent to $4.73 and December was ¾ of a cent higher at $5.04 ½.
Soybeans were also boosted by the inflation report, with weather forecasts for the next number of days for Brazil and Argentina relatively favourable. January beans gained 2 ½ cents to $12.99 ¾, and November 2024 was up a nickel at $12.58.
Along with the inflation report, a weaker US dollar also offered support to wheat, although heavy Russian supplies continued to overhang the market. March Chicago gained 3 ¾ cents to $6.16 ¼, March Kansas City was down 3 ¾ cents at $6.23 and March Minneapolis was steady at $7.14 ¼.
