Chicago crop futures were higher on Friday as adverse weather conditions across key global growing regions and a weaker US dollar spurred buying interest. Uncertainty over US government shutdown implications for key agricultural reports further fueled the rally.
Corn prices climbed, supported by weather challenges in South America and uncertainty over US government data availability. The US faces a shutdown if a new funding package is not approved by midnight tonight. Meanwhile, in Argentina, 66% of the corn crop has been planted, with crop conditions deteriorating to 48% rated good to excellent, down from 54% the previous week. Technical momentum further bolstered prices, with March corn breaking above key resistance levels. March corn rose 5 1/2 cents to $4.46 1/4. December 2025 was up 3 to $4.37 3/4.
Soybeans posted gains, driven by robust export demand and improving technical indicators. China reportedly booked significant purchases of US beans, totalling 1.25 million tons for shipment in the coming months. Weather remains pivotal, with Brazilian soybean areas set for widespread rains over the next 10 days, supporting crop development. Conversely, Argentina faces ongoing dryness, which may limit crop potential. A weaker dollar added tailwinds, boosting the competitiveness of US soybeans on the global stage. January beans ended up 11 1/2 at $9.74 1/2, and new-crop November was up 10 1/2 cents to $9.87 1/4.
Wheat was firm as dry conditions across major growing regions like Russia and Ukraine added supply concerns. Russia reduced its wheat export quota for the second half of the season, signalling tighter availability. Technical indicators showed momentum shifting higher after an inside trading session overnight, with traders eyeing key resistance levels for further direction. March Kansas City wheat gained 1 1/2 cents to $5.44 3/4, and March Chicago ended unchanged at $5.33. March Minneapolis bounced 3 1/2 cents to $5.90 1/4.
