CHICAGO: Chicago corn, soy and wheat futures firmed on Friday on short covering ahead of the weekend, traders said, though favourable US crop weather and higher South American production forecasts maintained supply pressure, according to analysts.
The most-active corn contract on the Chicago Board of Trade was last 4-3/4 cents higher at USD4.16-1/2 per bushel as of 9:30 a.m. CT (1430 GMT).
CBOT soybeans rose 3-1/2 cents to USD11.18-1/2 a bushel, while CBOT wheat rose 6-1/4 cents to USD5.93 per bushel. “I think a lot of it has to do with the fact that it’s Friday and the market has been oversold,” said Jack Scoville, vice president of Price Futures Group. “It looks to me like we’re getting short covering and new buying going into the weekend.”
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