US corn futures rallied more than 1 percent early on Friday to a two-week high as tight supplies and worries about crop-stressing weather across the US Midwest this weekend offset pressure from a firm dollar and weakness in broader financial markets. Corn was on pace for its strongest weekly advance in more than a year.
Wheat fell 1 percent as the same hot, dry weather that lifted corn was seen supporting a brisk harvest pace for the winter crop. Soyabeans mostly declined following a three-day rally, the strongest in nearly eight months. The oilseed remained in position for its biggest weekly gains since March, helped by tight stocks and strong export demand from China.
Chicago Board of Trade July corn rose for a third straight session, gaining 8-1/2 cents, or 1.4 percent, to $6.02-1/2 per bushel by 11:44 am CDT (1644 GMT). New-crop December corn added 5-1/2 cents, or 1 percent, at $5.42. Soyabeans slid despite a US Department of Agriculture announcement on Friday that private exporters had sold 530,000 tonnes of US soyabeans, mostly to China. CBOT July soyabeans rose 1-1/2 cents, or 0.1 percent, to $14.29-1/2 per bushel while new-crop November shed 10 cents, or 0.75 percent, to $13.31-1/4. CBOT July wheat dropped 7 cents, or 1.1 percent, to $6.34-3/4 a bushel.