Corn, soy higher on US weather worries, macroeconomic optimism

U.S. corn and soybean futures rose on Friday, following multi-month lows this week, boosted by drought in the Midwest crop belt and spillovers from crude oil, traders said.

Wheat followed an upward trend and received additional support from Midwest weather concerns.

China

and tensions over a shipping route from war-torn Ukraine.

Chicago Board of Trade July corn rose 16-1/2 cents to $6.09 a bushel as of 1:01 p.m. CDT (1801 GMT), breaking through resistance to rank near the 50-day moving average of $6.05. CBOT soybeans for July were up 22-1/2 cents to $13.52 a bushel, and wheat for July was up 7-1/4 cents to $6.18 a bushel.

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Weekly export sales

Moderate weekly shipments of U.S. corn, soybeans and wheat underscored market concerns about weak demand. But futures for all three grains rose as traders focused on the U.S. weather and drought in the Midwest.

“Weather is very worrisome, especially for corn and to a lesser extent beans,” said Jack Scoville, an analyst at Price Futures Group in Chicago.

Improved macroeconomic prospects provided support. Stocks on Wall Street rose on positive US jobs data and congressional approval

Law

Avoid a catastrophic credit problem.

“Crude is up and stocks are up, so overall there’s a little bit more risk sentiment. But the dollar index is firm, so that’s offsetting some of that friendly tone,” said Terry Lynn, analyst at Lynn & Associates. Chicago.

Traders continued to monitor tensions on a shipping route from war-torn Ukraine.

Kiev said on Thursday that a UN Black Sea grain export deal was suspended again after Russia blocked the registration of ships to all Ukrainian ports. (Additional reporting by Gus Trompis in Paris and Enrico Dela Cruz in Manila; Editing by Shailesh Kubher, Sohini Goswami, Rashmi Aich and Paul Simao)