Grains End Week on High Note Amid Renewed Buying Interest
The grain markets ended the week on a high note, with corn futures rising by 11.25 cents to $4.83.25 in December contracts, hitting a three-week high close and closing out the week up 21.25 cents. This marks a strong performance for the bulls, who will be looking for further gains heading into next week's trading.
The soybean complex also saw significant gains, with November soybeans rising by 10.25 cents to $11.92.50 and September soybean meal up $2.80 to $310.20. The soybean market received support from the solid gains in corn and wheat futures markets.
Wheat futures saw renewed buying interest amid worries about grain supplies coming out of the Black Sea, with September SRW wheat rising 22 cents to $6.74.75 and hitting a three-week high. This suggests that chart-based buying will continue into next week's trading.