Corn, wheat, and soybean futures all closed higher on Friday.
Soybeans moved higher on soybean oil strength, following reports that China would lower or remove export tax rebates on some commodities, including used cooking oil. The move could limit the amount of used cooking oil imports into the US, which have been used in the production of biofuel. With fewer imports, demand for soybean oil as a biofuel feedstock could increase. January beans gained 11 cents to $9.98 ½, and March was up 9 ½ cents at $10.08 ¾.
Corn moved higher with advances in soybeans and short covering ahead of the weekend. For both corn and soybeans, today’s advances were first in five sessions. December corn added a nickel to $4.24 and March was 4 ½ cents higher at $4.35 ¼.
Wheat was also boosted by short covering, although improving moisture conditions for the US winter wheat crop and the strength in the American dollar continued to overhang the market. December Chicago gained 6 ¼ cents to $5.36 ½, December Kansas City added 7 cents to $5.40, and December Minneapolis was 5 ¾ cents higher at $5.72 ¼.
