Chicago Agriculture Commodities Finished Higher Friday
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) grains futures finished higher Friday, with Soybean futures rising led by a surge in Soyoil tied to firm domestic cash values and rising global vegetable oil prices
The most active Corn contract for December delivery rose 4.75 cents, or 1.36%, to 3.5425 bu.
December Wheat delivery added 5 cents, or 1.2%, to 4.21 bu.
November Soybean rose 6.25 cents, or 0.65%, to 9.5625 bu.
Wheat and Corn rose about 2% on fund-driven short-covering and strong international demand for Wheat.
Soyoil got a boost from allied vegetable oil markets including Malaysian palm and European rapeseed oil, along with robust domestic cash Soyoil values.
The most-active December Soyoil contract rose modestly in early moves and then gaped higher as trade resumed following the daily 45-min pause in CBOT trade. The contract reached its highest level since 23 August before paring gains.
Sluggish export demand for US Soymeal prompted Soymeal spreading. Most Soybean are processed into Soymeal, used for animal feed, and Soyoil, used in foods and bio-diesel fuel. Brokers often trade on the price difference between the 2 products.
Wheat futures rose for a 2nd session running and the most-active contract was on track for a weekly gain of more than 7%, its biggest since June 2015.
Agriculture analysts cited short-covering by commodity funds following a spate of Wheat purchases and tenders this week from buyers including Syria, Egypt, Algeria and Saudi Arabia.
Corn followed Wheat higher, supported by fund short-covering and firm US cash markets.