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Grain futures on the Chicago Board of Trade were higher on Friday, with the January soyabean contract up sharply on concerns about dry weather conditions in Argentina. US dollar weakness supported prices across the board, as did expectations of commodity fund buying at year-end. Regular trading of grain futures at the CBOT concludes early, at noon CDT, on Friday because of the New Year's holiday.
CBOT trends at 10:40 am CST (1640 GMT) on Friday: March wheat up 7-1/4 cents at $7.92 per bushel. Weak dollar supportive, but some analysts concerned wheat rally may be overdone. Front-contract wheat prices are on track to rise 45 percent this year and 21 percent this month. March corn up 7-3/4 cents at $6.23-3/4 per bushel. Dry weather expected to add further stress to developing corn crop in Argentina.
January soyabeans up 20-1/4 cents at $13.86-1/4 per bushel. South Korea issued a tender to buy 25,000 tonnes of nongenetic modified yellow soyabeans for arrival by March 31, said Agro-Fisheries Trade Corp. Soyabean auction in China's biggest soyabean-producing province attracted no bids as floor price was set too high, said China National Grain and Oils Information Center. Weather in Argentina's main soya-growing areas expected to remain hot and dry, with only a few showers in the forecast for the next week.

Copyright Reuters, 2011

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