Chicago Board of Trade (CBOT) corn futures firmed on Friday as renewed optimism about US-China trade talks triggered short-covering and technical buying, traders said. CBOT March corn settled 1-3/4 cents higher at $3.81-3/4 per bushel after holding chart support at key technical levels, including the 50- and 100-day moving averages. The benchmark March contract ended up 0.9 percent, just its second weekly gain in six weeks.
Renewed optimism about US-China trade negotiations lifted soybeans after media reports about some of the positive developments in talks. Traders continue to watch for any corn demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
Corn was also supported by adverse weather in South America as hot and dry weather in Brazil and excessive rains in Argentina threatened yield potential.
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