CHICAGO- Chicago Board of Trade wheat futures spiked on Friday amid an uptick in demand for US wheat due to a weaker dollar and the availability of desirable new-crop wheat, traders said.
Corn and soy futures also rose on concerns over dry, hot weather disrupting the US crop during its crucial growing period.
Trade remained light between the market’s closure on Thursday due to the US Independence Day holiday and ahead of the weekend, traders said.
“We have a low volume, technical trade,” Brian Hoops, president of Midwest Market Solutions, said. “A lot of the trade will not be around and will give themselves a four-day weekend.”
CBOT September soft red winter wheat closed up 16-1/2 cents at $5.90-1/2 a bushel.
Most-active November soybeans ended up 8-1/4 cents at $11.29-3/4 a bushel. Most-active December corn ended up 4-1/2 cents at $4.24 a bushel.
The US Department of Agriculture released export sales for the US crop one day late following the holiday. Wheat export sales in the week ended June 27 totaled 805,300 metric tons for 2024/25, above trade estimates for 350,000 to 700,000 tons.
