Corn, wheat and soyabean futures rose on Friday as the dollar retreated, oil firmed and equities pared losses, with the Dow Jones industrial average inching back above 11,000 points before retreating in choppy trade. "Today is a relief recovery. It's diminished European debt worry as we close and go into the weekend," said Dan Basse, president of AgResource Co in Chicago.
At the CBOT, December corn was up 8-1/2 cents at $7.21-1/2 per bushel as of 10:20 am CDT (1520 GMT). December wheat was up 10 cents at $7.49-1/4 a bushel and November soyabeans were up 9 cents at $13.70 a bushel. CBOT wheat drew support from surging spring wheat futures on the Minneapolis Grain Exchange, where the spot September contract rose 28-1/2 cents to $9.39-1/4 amid concerns about the quantity and quality of the US spring wheat crop.
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