CHICAGO- US corn futures climbed on Friday to the highest in five months on a continuous chart, supported by technical buying and strong US export sales.
Soybeans traded higher for much of the session, supported by higher corn and rising vegetable oil prices, but ended mixed as ample global supplies anchored the market.
Wheat futures were mixed.
Row crop futures have largely held within narrow trading ranges since mid-November as traders assessed crop weather in South America, Russia and other key production zones and gauged possible shifts to global trade following the US presidential election.
“Corn is trying to lead the way higher. We had an outside reversal higher day yesterday, which is the most positive thing we’ve seen on the chart in some time,” said Ted Seifried, vice president of Zaner Group. The bullish technical move featured actively traded March corn bouncing off of its 100-day moving average on Thursday and breaking through its 50-day average to close above the prior session’s high. Follow-through buying on Friday took the contract to its highest since Nov. 21.
