CHICAGO- US wheat, corn and soybean futures rose on Friday on a short-covering bounce ahead of a three-day US holiday weekend, led by strength in crude oil and other commodities as fears waned about aggressive interest rate hikes from the Federal Reserve.
A rally in world stocks fizzled, but the dollar cooled after data that showed the US labor market is starting to loosen. US markets will be closed on Monday for the federal Labor Day holiday.
Chicago Board of Trade December wheat settled up 16-3/4 cents at $8.11 per bushel, but stayed inside Thursday’s trading range. CBOT December corn ended up 7-3/4 cents at $6.65-3/4 a bushel and November soybeans rose 25-3/4 cents to finish at $14.20-1/2 a bushel.
“Broader markets are driving CBOT ags higher … I think we are just seeing kind of a technical rebound after trading lower earlier this week,” said Terry Reilly, senior commodity analyst with Futures International in Chicago.
Traders were also starting to adjust positions ahead of the US Department of Agriculture’s monthly supply/demand reports on Sept. 12. Some private analysts have revised their US 2022 corn yield estimates lower in recent days, fueling expectations that the USDA might do the same in its upcoming reports.
