Wheat futures rallied strongly on Friday ahead of the long holiday weekend, with corn and soybeans posting gains as well.
Wheat was boosted by weather fears heading into the weekend, with both the US Plains and parts of the Black Sea region seeing colder temperatures that could threaten those crops that remain with a protective layer of snow. World Weather said crops in both regions should be mostly safe from damage due to adequate snow cover, but temperatures near or below 0 degrees F are expected. Yesterday’s USDA weekly export sales report, which showed bookings for US wheat at a seven-week high, continued to offer support as well. March Chicago wheat jumped 22 ¼ cents to $6.00, March Kansas City climbed 23 cents to $6.21 ¼, and March Minneapolis was 23 cents higher at $6.21 ¼.
The strong advances in wheat spilled over to support corn, with chart buying also helping to underpin the market. March corn was up 2 ¾ cents to $4.96 ¼, and December crept a 1/4 cent higher to $4.73.
Soybeans moved higher on short covering ahead of the holiday weekend. March beans added 6 cents to $10.36, and November was 6 ¾ cents higher at $10.52.
The US market will be closed Monday for President’s Day.
