US Grains Rally, Wheat Drops Amid Geopolitical Rumors
Corn and soybean futures closed higher on Friday as traders remained bullish on the outlook for above-average temperatures and minimal rainfall in the US Grain Belt.
September corn closed up 1/4 cent, while December corn was unchanged. August soybeans gained 10 1/2 cents, and November soybeans were up 9 3/4 cents.
The wheat market, however, declined sharply due to rumors that Russia and Ukraine may be exploring options for easing attacks on shipping channels. Traders also squared positions ahead of the weekend, which contributed to the drop in wheat futures.
The live cattle complex was mixed, with contracts trading higher but no significant trade occurring in the cash market so far. The lean hog complex continued its recent trend, with prices rising due to strong consumer and trader support.