Chicago agricultural commodities rose across the board Friday on active fund buying.
The most active corn contract for March delivery rose 9 cents, or 2.26 percent, to close at 4.075 U.S. dollars per bushel. March wheat gained 9 cents, or 1.51 percent, to close at 6.065 dollars per bushel. January soybean climbed 5 cents, or 0.48 percent, to 10.4725 dollars per bushel.
Active transaction on grains markets and a few economic factors support grains.
Crude oil prices slid below 58.00 dollars per barrel on Friday, and Russian ruble and Brazilian real have slid to new lows against U.S. dollar, helping maintain farm profitability in Russia and Brazil.
Media reported on Friday that China puts its 2015 import quota at 9.6 million tonnes of wheat and 7.2 million tonnes of corn, and allows free imports of soybeans, the same as it has allocated for import each year since the maximum under its World Trade Organization obligation was reached in 2006.
But with 90 percent of China's wheat import quota and 60 percent of corn import quota going to state trading firms, there will only 960,000 tonnes of wheat and 2.88 million tonnes of corn left for private buyers. Therefore, there will be limited impact on United States as well as the world corn and wheat balance sheets.
U.S. Department of Agriculture (USDA) announced that U.S. sold 110,000 tonnes of soybeans to an unknown destination.
Favorable weather forecast is expected for South America for the next two weeks. Afterwards showers and cooler temperatures will return, bringing the region with needed rain.