Corn, wheat, and soybean futures closed with solid advances on Friday, with a weaker American dollar helping to push prices higher.
The greenback was dragged to a three-year low against the euro as US President Donald Trump’s tariffs and trade wars have eroded investor confidence in the greenback as a safe haven, reports said. Earlier today, China raised its tariffs on imports of American goods to 125% after the White House raised its levy on Chinese goods to 145%. Soybeans were further supported by yesterday’s USDA report, which trimmed 2024-25 US soybean ending stocks more than expected. May beans climbed 13 ¾ cents to $10.42 ¾, and November was up 20 ¾ cents to $10.25 ½.
The fall in the US dollar, which makes American farm products more affordable for foreign buyers, boosted corn as well. Continued buying in the aftermath of the Thursday USDA report, which cut US corn ending stocks for 2024-25 more steeply than anticipated, further boosted corn. May gained 7 ¼ cents to $4.90 ¼, and December was 9 ¼ cents higher at $4.63 ½.
In addition to the weaker greenback, wheat found support from more warm, dry weather for the US winter wheat crop on the southern Plains. May Chicago wheat added 17 ¾ cents to $5.55 ¾, May Kansas City gained a dime to $5.68, and May Minneapolis was 13 cents higher at $6.15.
