CHICAGO- US corn futures climbed 2 percent to a fresh one-year high on Friday and soybeans rose about 1.5 percent ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about US China trade relations, analysts said.
Benchmark Chicago Board of Trade corn futures settled up 9-3/4 cents at $4.84-1/4 per bushel after reaching $4.85, the highest on a continuous chart of the most-active corn contract since mid-December 2023.
CBOT soybeans ended up 15 cents at $10.34 per bushel and wheat finished up 1-1/4 cents at $5.38-3/4 a bushel.
Corn and soybean futures hit session highs after US President-elect Donald Trump said he discussed trade and other issues with Chinese President Xi Jinping in a phone call.
Worries about US trade tensions with the world’s largest soy buyer have hung over grain markets since Trump’s election. Chinese soybean processors have already largely turned to Brazilian cargoes instead of US oilseeds, reflecting cheaper prices for Brazilian soy along with fears that Washington will impose tariffs.
“Anything that indicates potentially less confrontational relations between US and China is at least going to be near-term price supportive,” said Randy Mittelstaedt, an analyst with R. J. O’Brien.
Trump’s inauguration will take place on Monday, when US markets and most government offices will be closed for the Martin Luther King Jr. holiday.