US corn futures climbed over 6 percent on Friday with drought in Argentina, the world's second largest corn exporter after the United States boosting prices. Traders covered short positions before the long US holiday weekend given South American weather uncertainty. CBOT markets will be closed Monday for Martin Luther King Day, reopening for the electronic session Monday 6 pm CST.
CBOT corn closed up 19-1/4 to 26-1/4 cents, with March up 25-3/4 cents at $3.91 per bushel. Funds bought 6,000 to 7,000 lots. Late moves in corn options including buying calls and selling puts supported corn futures. Volume was moderate estimated at 149,803 futures and 68,795 options.
Attempts to realign corn/soy ratio was supportive for corn. Increased selling by South American farmers limited advances. Surging soy lending spillover support to corn. Dry and hot weather increasing stress on corn and soybeans in Argentina with better crop weather noted in Brazil.