“Equities went from low to high, the dollar went from high to low and I think that spurred some grain buying,” said Don Roose, president of US Commodities.
The strength of the spot market buoyed corn and soybeans as domestic end-users looked to make purchases before producers put freshly harvested supplies into warehouses.
futures of the Chicago Board of Trade November soybeans rose 0.2% to $512.38 a ton, and the CBOT December corn rose 0.3% to $269.97.
For its part, CBOT soft red winter wheat for December was up 1.4% at $316.36.
The dollar weakened against a basket of currencies on Friday after a report said some Federal Reserve officials have expressed some discomfort with large interest rate hikes, even as another big hike is expected in November.
Wheat futures touched a one-month low during overnight trading but rose after the dollar turned. A drop in the greenback makes US wheat relatively cheaper for foreign buyers.
But profits were held in check as traders fear a global recession could dampen demand.
Grain markets have also reacted to conflicting indications about talks to extend a United Nations-backed shipping corridor from Ukrainian ports.
After Russian officials renewed criticism of a lack of attention to Moscow’s concerns, Turkish President Tayyip Erdogan was quoted on Friday as saying he saw no obstacles to expanding the deal.
Source: Ambito
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