MEXICO CITY — Chicago corn futures climbed on Friday amid demand from ethanol producers, while wheat bounced back from a three-week low earlier in the session as markets assessed weather conditions.
Soybeans edged down after Thursday’s one-week high, with a record Brazilian harvest tempering concern about drought losses in Argentina.
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The most-active corn contract on the Chicago Board of Trade (CBOT) added 1.65% to $6.63 a bushel at 11:07 a.m. CDT (1607 GMT), the highest since April 3.
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“The ethanol processor is coming after May corn, and it’s making a lot of money,” said Tom Fritz, a partner with EFG Group in Chicago.
The U.S. Department of Agriculture also announced large corn export sales to China for a second straight day on Friday.
Chicago wheat was up 2.36% at $6.82-3/4 a bushel as markets eyed colder weather expected in the U.S. Southern Plains.
Earlier, it fell to its lowest since March 24 at $6.61-1/4, below a previous three-week trough on Thursday.
CBOT soybeans dipped 0.37% to $14.95-1/2 a bushel.
A senior Russian diplomat said on Friday the West still has time to remove “obstacles” hindering the implementation of the Black Sea grain deal before a deadline on May 18.
Russia has signaled it may not agree to extend it further unless the West removes obstacles to the export of Russian grain and fertilizer.
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Ongoing Ukrainian shipments through the corridor, despite inspection delays, and large Russian exports have tempered immediate worries about Black Sea wheat trade.
Argentina’s Buenos Aires grains exchange on Thursday said farmers would likely leave large tracts of soy fields unharvested due to damage from a historic drought.
But Brazilian farmers will produce record volumes of soybeans and corn this season, state statistics agency Conab said on Thursday. (Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Susan Fenton and Matthew Lewis)
