Corn and soybean futures rallied on Friday ahead of a long US holiday weekend, boosted by reports of a generally positive telephone conversation between US President-elect Donald Trump and Chinese leader Xi Jinping. Wheat posted small advances.
“President-elect Trump had a phone conversation with President Xi of China, stating the call was a very good one for both China and the US,” said today’s closing comment on Barchart. Ahead of Trump’s inauguration on Monday, the call lifted hopes of possible US-China cooperation, rather than renewed trade tensions.
Meanwhile, more rain is in the forecast for Argentina over the weekend, which may provide a much-needed boost in moisture that country’s corn and soybean crops. It remains to be seen just how widespread and significant the rain is.
March corn gained 9 ¾ cents to $4.84 ¼, and December was up 3 ¼ cents at $4.56. March beans climbed 15 cents to $10.34, and November gained 7 cents to $10.27 ¾.
Wheat managed to end a bit higher on the strength in corn and soybeans, although the upside was limited by just tepid export buying interest. Frigid temperatures are expected across the US Plains and parts of the Midwest early next week. Some cold damage is possible in those areas where crops are still without a protective layer of snow.
March Chicago wheat was up 1 ¼ cents at $5.38 ¾, March Kansas City added a ¼ cent to $5.48 ½, and March Minneapolis was 2 cents higher at $5.83 ½.
US markets are closed on Monday for Martin Luther King Day, reopening Monday night.
