Chicago agricultural commodity futures were traded higher Friday, mostly due to a warm and dry weather forecast and positive export demand.
The most active corn contract for December delivery rose 5.5 cents, or 1.18 percent, to close at 4.70 U.S. dollars per bushel. December wheat advanced 5.5 cents, or 0.86 percent, to settle at 6. 46 dollars per bushel. November soybeans rose 41.25 cents, or 3.21 percent, to close at 13.28 dollars per bushel.
According to Chicago Mercantile Exchange, for corn, the weather points bullish into next week with a high pressure ridge building this weekend, which will keep rainfall focused on the marginal growing regions surrounding the Corn Belt. In addition, temperatures are expected to edge higher, perhaps into over 90 Fahrenheit degrees in what could be the warmest period for crops all summer.
Wheat futures were traded higher reluctantly. Export interest was rather thin this week with Japan buying some food wheat which was normal business. However, Saudi Arabia issued a tender to buy a whopping 660,000 tons of hard wheat, minimum 12.5 percent protein for November through December shipment.
Soybean futures were the leader to the upside with reports of low pod counts and slowly maturing crops across the Midwest from this week's crop tour plus a warm and dry forecast over the next seven days, which prompted fresh buying support by speculative traders.