Grain Markets Surge on Soybean Demand and Wheat Rally
Grain futures finished higher on Friday, capping off another strong week for soybeans and wheat. December corn jumped 3 cents to $5.36½, reaching a new contract high and three-year peak during trading.
The gains in grain markets came as soybeans surged sharply higher due to strong export demand, particularly from China, where additional sales were announced on Friday morning. November beans increased by 20 cents to $12.88, hitting a new contract high and its highest level in nearly two-and-a-half years.
December soybean meal rose $8.00 to $348.90, while wheat continued its explosive rally. December Chicago wheat gained 23¼ cents to $7.84, reaching a new contract high, while December Kansas City wheat climbed 22 cents to $8.44¼, also hitting a three-year peak.
Wheat prices have been driven by factors such as Black Sea export disruptions, strong demand, and declining U.S. yield expectations, in addition to significant fund buying activity in the grain complex.