Soybean futures further added to trade-related gains on Friday, while corn and wheat also closed higher on the day.
Soybeans were volatile but posted double-digit gains on Thursday after US officials said China had committed to purchases of US soybeans following a meeting of US President Donald Trump and Chinese leader Xi Jinping at the APEC Summit in South Korea. Reports today said China purchases 4 more cargoes of US beans, adding to the three cargoes bought earlier this week. The market was back and forth again today, ending with more moderate advances for soybeans. Supported by trade optimism, soybeans were on track for their biggest monthly gain in four years, Reuters reported earlier today. January was up 7 ½ cents to $11.15 ¼, and March was 8 cents higher at $11.23 ¾.
Corn edged slightly higher, benefiting from spillover support from soybeans. There was no mention of US corn deals in the American trade announcements yesterday. December was up 1 ¼ cents at $4.31 ½, and March gained a ¼ cent to $4.44.
End of month positioning lifted wheat futures, even amid a stronger American dollar. December Chicago closed 9 ¾ cents higher at $5.34, and December Kansas City climbed a 11 ½ cents to $5.24 ½. December Hard Red Spring added a nickel to $5.22 ½, and December Minneapolis posted a 2 ½-cent gain to $5.53.
