Chicago Board of Trade corn futures were firm midmorning Friday on technical buying, gaining on wheat after profit-taking hit that pit following its rise to an all-time high in overnight,
Chicago wheat notched an all-time high in overnight trade when the December contract touched $8.07-3/4 per bushel but deflated from early highs on profit taking. "People are getting out of some wheat positions, just taking profits because wheat has had a pretty good run," said Shawn McCambridge, grains analyst with Prudential Financial.
September was up 4 cents at $3.26-3/4 per bushel and December up 3-1/4 at $3.43 by 11 am CDT (1600 GMT). September/December was firming as September was supported by lighter-than-expected first-day September deliveries.
CBOT markets will be closed Sunday night and during Monday's day session for the US Labour Day holiday, reopening Monday night for e-trade. Oats were steady to 3-1/2 cents higher, with September unchanged at $2.38-1/4 per bushel. The September/December was under pressure after 67 commercial deliveries overnight. Traders expected up to 150 postings.
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