CHICAGO: US corn futures rebounded on Friday after a two-week low, enjoying a technical bounce as fresh funds flowed into the commodities sectors and away from equities amid the recent volatility on Wall Street, traders said.
CBOT December corn settled up 6-3/4 cents at $3.67-3/4 per bushel on Friday.
For the week, CBOT December corn rose 3/4 cent a bushel, or 0.2 percent, enough to record its third advance in the last four weeks.
"The risk-on and risk-off we're seeing in the commodities market, in reaction to the Dow, is something that is now happening day to day," said Ted Seifried of the Zaner Group.
Concerns about rains slowing harvest progress in the Midwest lent support. Showers are expected across central and eastern Corn Belt over the next few days, Radiant Solutions said in a note to clients.
Corn futures prices were also pulled upward by the strength in the wheat market on Friday, amid signs of improving export demand, traders said.
A setback in the dollar lent background support, too, in theory making US grains more competitive globally.
Trade fight impacts that could ripple out in the coming months: US pork sales to China are "not viable" after Beijing earlier this year imposed tariffs on imports of American pork, Smithfield Foods'
chief executive said on Friday, as the trade war between the world's two largest economies threatened a nearly $500 million business for US hog farmers.
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