Chicago agricultural commodities extended rally on Friday, as soybeans continued to find support from tight old-crop supplies and surging cash basis bids, and wheat added gains amid heightened concerns over renewed friction between Russia and Ukraine, two major commodity suppliers in eastern Europe.
The most active corn contract for December delivery rose 2.5 cents, or 0.68 percent, to close at 3.715 U.S. dollars per bushel. December wheat added 6.75 cents, or 1.22 percent, to close at 5. 6225 dollars per bushel. November soybean rose 3.75 cents, or 0.36 percent, to close at 10.42 dollars per bushel.
Midwest crushers are fighting over the remaining old crop supplies amid exceptionally strong cash margins. Spot bids this week have been in a wide range, with some regional shortages pushing spot bids as much as 2 to 4 dollars over November soybean.
The wheat market extended gains on short covering Friday as the West countries condemned Russia's decision to send humanitarian convoy into eastern Ukraine without the escort of the International Committee of the Red Cross or consent of Ukrainian government. But analysts expected no interruption in grain surpluses or disruption of trade.
Meanwhile, heavy rains were pushing across central Illinois and western Indiana, raising concerns over spring wheat quality and harvest progress.
Traders also awaited news from the Pro Farmer Midwest Crop Tour, a closely watched industry which provided an accurate prediction of likely corn and soybean yield changes in September.