SYDNEY: US corn futures on Friday hit a near four-year high as concerns that North American farmers will be unable to complete planting pushed the grain towards weekly gains of nearly 7pc.

FUNDAMENTALS

The most active corn futures on the Chicago Board Of Trade hit a session high of $4.45-1/4 a bushel – their highest since July 2015. Corn closed 2.8pc firmer on Thursday.

Corn is up nearly 7pc for the week after closing down 2.7pc last week.

The most active soybean futures up nearly 4pc for the week, rebounding after losses of 2.5pc last week.

The most active wheat futures up more than 6pc for the week, poised for their fifth straight weekly gain.

Corn draws support amid concerns that more rains across the US Midwest will slow down planting.

If farmers are unable to sow corn, they may be forced to switch to soybeans.

MARKET NEWS

The US dollar held steady early in Asia on Friday, and was set to show a weekly rise as investor focus turned to next week's Federal Reserve meeting for cues on a possible interest rate cut in light of rising risks to trade and global growth.

Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss as caution about Europe's debt crisis and year-end positioning continued to spark selling into rallies.

US stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.

Copyright Reuters, 2019