Chicago | Reuters—Chicago corn and soybean futures rose on Friday from multi-month lows, supported by short covering and a weakening dollar, analysts said.
Grain market participants were also adjusting positions as they turned their attention to U.S. Department of Agriculture acreage, stock and crop progress reports on Monday.
However, favorable supply prospects in the United States and worldwide remained a curb on prices.
The most-active soybean contract Sv1 ended 8-1/4 cents higher at $10.24-3/4 a bushel.
CBOT wheat Wv1 settled 4 cents higher at $5.40-3/4 per bushel. CBOT corn Cv1 settled 7-1/2 cents higher at $4.11-1/2 per bushel, recovering from Thursday’s eight-month low of $4.02-1/4.
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Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
“There’s some short covering after the big selloff,” Randy Place, analyst at Hightower Report, said. “We’ve already priced in a good bit of bearishness this week.”
Further weakness in the dollar, as investors see chances of bigger U.S. interest rate cuts this year, also helped underpin commodity markets.
Despite Friday’s bounce, large global supply prospects still hung over grain markets.
Warm weather and rains have created ideal growing conditions for soybeans and corn in the U.S. Midwest, while in Brazil farmers are expected to harvest a bumper second corn crop following a record soybean harvest earlier this year.
“It’ll be a larger crop than expected, which competes directly with U.S. exports,” Place said.
In wheat, the International Grains Council raised its 2025-26 world wheat crop outlook by 2 million tons to 808 million on Thursday, while the European Commission increased its forecast for the European Union’s soft wheat crop by 1.6 million tons to 128.2 million tons.
Canadian farmers planted more acres of wheat, oats, soybeans, lentils, dry peas and corn, but fewer acres of canola and barley compared with 2024 levels, according to a Statistics Canada survey released on Friday.
—Additional reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing
