US corn futures rose 3.2 percent on Friday on surging exports, particularly to China, and concerns that hot weather forecast for the Corn Belt could threaten the developing crop as it enters its crucial pollination stage. Wheat also rallied as funds covered short positions. Soybeans were higher too, supported by the gains in corn as well as worries that heat might damage the crop this summer.
China's healthy appetite for US corn helped the market overcome renewed concerns that economic weakness could dent demand. US employment growth ground to a virtual halt in June as employers hired the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum.
At 11:22 am CDT (1622 GMT), Chicago Board of Trade July corn futures were up 18-3/4 cents at $6.68-3/4 a bushel. The new-crop December contract was up 19-3/4 cents at $6.35-1/4 a bushel. CBOT July wheat was up 24 cents at $6.48-1/2 a bushel. Traders covering short positions in CBOT wheat also were selling off long positions in Kansas City Board of Trade contracts as they unwound spreads, traders said. CBOT July soyabeans were 9 cents higher at $13.54-1/2 a bushel.
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