CHICAGO- US soybean futures hit their highest in two months on Friday and soymeal futures surged on worries about damage to crops and infrastructure in the Gulf Coast region following the landfall of Hurricane Helene as well as short-covering ahead of key crop reports due Monday, analysts said.
Corn futures followed soybeans higher while wheat futures ended lower, anchored by persistent export competition from Black Sea suppliers.
Chicago Board of Trade November soybeans settled up 24-3/4 cents, or 2.4 percent, at $10.65-3/4 per bushel after reaching $10.69-1/2, the contract’s highest since July 26. CBOT October soymeal futures jumped by 6 percent as traders exited positions ahead of the contract’s first notice day on Monday.
Corn futures ended up 4-3/4 cents at $4.18 a bushel while CBOT wheat finished down 4-1/4 cents at $5.80 a bushel.
Soybeans soared at mid-session, fueled in part by storm-related concerns. Helene brought life-threatening flooding to the Carolinas after causing widespread destruction as a major hurricane moving through Florida and Georgia overnight.
