Chicago Board of Trade corn futures closed firm on Friday, following soybeans higher after the United States and China announced a "phase one" trade agreement that reduces some US tariffs in exchange for increased Chinese purchases of American farm goods.
China will import more US wheat, corn, and rice after the deal, China's vice agricultural minister said Friday, but did not elaborate. US Trade Representative Robert Lighthizer said there would be specific targets for Chinese purchases of specific products, but those would not be made public to avoid distorting markets.
CBOT March corn settled up 3-1/4 cents at $3.81 per bushel. For the week, the contract rose 4-1/4 cents or 1.1%, bouncing back after the previous week's 1.2% decline. The spot December contract expired quietly at $3.66-1/4. Open interest in the contract was down to 165 lots ahead of Friday's trading session.
Hot, dry weather threatens to cut corn yields and stymie the sowing of soyabeans in Argentina's core agricultural region, the Rosario grains exchange said, adding that prospects for rain over the short term did not look good.
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