US farm markets rose on Friday and posted weekly gains following recent declines to multi-month lows, as traders added a weather risk premium to the markets ahead of the three-day holiday weekend.
Corn prices indeed rallied 2.24% reaching a one-month high.
Soybeans were 1% higher, with soymeal up 1.26%, and soybean oil closing 0.62% in the black.
Wheat prices also settled with gains across all three classes.
Chicago SRW wheat contract led the way with 1.94% gains. KC HRW closed up by 0.15%, and MPLS spring wheat prices closed up 1.55%.
In Europe, grain markets rose, with wheat posting 2.58% weekly gains, as the Black Sea grain deal is slow to get moving after extension, while rapeseeds extended their gains, up 3.91% for the week, in the wake of palm oil higher.
Oil prices ticked up about 1%, as US officials appeared close to striking a debt-ceiling deal.
The Baltic Exchange’s main sea freight index in London fell 3.5%, logging its worst weekly decline in more than four months.
On Wall Street US stock indexes closed higher, as negotiators inched toward a debt-ceiling agreement, and another chipmaker reported strong demand related to artificial intelligence.
The DXY retreated from a 2-1/4 month high and posted modest losses, down 0.04%.
Notably, Chicago wheat July contract was up 11.6c/bu to 616c/bu;
Kansas wheat Jul contract was up 1.2c/bu to 819.2c/bu;
Minneapolis wheat Jul contract was up 12.4c/bu to 818c/bu;
MATIF wheat Sep contract, was up €6/t to €228.25/t;
Black Sea wheat June contract was down $0.5/t to $259.25/t;
ASX wheat Jul contract, was unchanged to A$382.5/t;
US DWI Cash (durum wheat index) was up 1.64c/bu to 806.32c/bu;
1CWAD (Canadian durum) avg reg was down C$0.08/t to C$402.07/t;
EDW (EU durum) Sep contract, was unchanged to €355.5/t;
Chicago corn Jul was up 13.2c/bu to 604c/bu;
MATIF corn Jun, was up €2/t to €220.75/t;
Soybeans Jul contract up 13.2c/bu to 1337.2c/bu;
Winnipeg canola Jul was up C$3.5/t to C$689.7/t;
MATIF rapeseed Aug contract, was up 4.25/t to €411.25/t;
Brent crude Jul was up US$0.69 per barrel to $76.95;
WTI crude Jul was up US$0.84 per barrel to $72.67;
BDI Baltic Dry Index was down 43 points to 1.172;
Dow Jones was up 328.69 points to 33.093,34;
S&P 500 was up 54.17 points to 4.205,45;
NASDAQ Composite up 277.59 points to 12.975,69;
US dollar index (Jun ’23) was down 0.039 points to 104.136;
AUD/USD firmer at US$0.6517;
USD/CAD weaker at $1.3612;
EUR/USD weaker at $1.0722;
USD/RUB weaker at ₽78.9945.
