CHICAGO- US soybean futures closed higher on Friday, hitting a 2-1/2 month top on worries about South American crop weather coupled with chart-based buying, traders said.
Corn futures set a four-month high near $6 a bushel and wheat followed the firm trend.
Chicago Board of Trade January soybeans SF2 settled up 8 cents at $12.85-1/4 a bushel after reaching $12.97-1/2, the highest since Sept. 30. Technical buying was noted as the contract pushed above its 100-day moving average near $12.77.
CBOT March corn ended up 2 cents at $5.93-1/4 a bushel, paring gains after reaching $5.98-3/4, the contract’s highest since Aug. 12. March wheat climbed 4-1/2 cents to settle at $7.75 a bushel.
Soybeans and corn rose on uncertainty about South American crop prospects given dry conditions in southern Brazil and portions of Argentina.
“Soybeans were the leader in today’s session as fresh buying interest surfaced … This was sparked by a few different factors, with building concerns over the dry conditions in South America leading the way,” Karl Setzer, analyst with AgriVisor, wrote in a note.
