Chicago agricultural commodity futures traded higher Friday, as weather concerns and positive weekly exports provided underlying support to the trading on the day.
The most active corn contract for December delivery rose 4.5 cents, or 0.8 percent, to close at 5.6725 dollars per bushel. July wheat advanced 6.75 cents, or 0.97 percent, to settle at 7.055 dollars per bushel. November soybeans rose 15 cents, or 1.16 percent, to close at 13.0425 dollars per bushel.
According to Chicago Mercantile Exchange (CME), delays to planting and the impact on yield continue to underpin the supportive tilt in the corn market. Planting progress is only expected to show minimal improvement next Monday with some suggesting 10 percent of the total crop may be left unplanted.
Wheat markets tracked lower Friday morning but managed to climb back into the green on positive gains in crop markets. As of May 23, exports sales came in at 35,900 tonnes for the current marketing year and 728,300 for the next marketing year for a total of 764,200 tonnes.
Soybeans traded sharply higher on the day with the July and November contracts both up double digits. The November contract traded up to its highest level since Feb. 8. As of May 23, net weekly export sales came in at -108,000 tonnes for the current marketing year and 756,600 for the next marketing year for a total of 648,600 tonnes. Cumulative sales stand at 99.5 percent of the U. S. Department of Agriculture forecast, compared with a 5 year average of 97.5 percent.