CHICAGO- US corn, soybean and wheat futures rose sharply on Friday, rebounding from steep declines a day earlier on bargain-buying ahead of the weekend and uncertainty about weather in the Midwest crop belt, analysts said.
Fresh export interest lent support as this week’s break in futures appeared to stimulate demand. Chinese state-owned importers bought at least eight cargo shipments of US soybeans on Friday, the country’s largest US soybean purchases in 4-1/2 months, two US traders familiar with the deals said.
Chicago Board of Trade July corn settled up 22-1/4 cents at $6.55-1/4 per bushel. July soybeans ended up 66-1/4 cents at $13.96 a bushel and July wheat rose 23-3/4 cents to settle at $6.62-3/4 a bushel.
Weather remains in the spotlight, given continuing risks of drought stress to Midwest crops at a time when markets are looking to large US corn and soybean harvests to ease supply tensions.
