U.S. corn and soybean futures rose in early trading Friday amid adverse world weather and higher prices for crude oil. Wheat was mixed.
Soybean prices led the gains, advancing in part due to rising prices for crude oil. Higher crude oil prices often support corn and soybean markets by generating demand for alternative fuels made from the crops from refiners who blend them into the U.S. fuel supply.
Soybean futures for May, the most actively traded contract, rose 3 1/4 cents, or 0.4%, to $8.92 1/2 a bushel at the Chicago Board of Trade. Crude oil prices jumped 1.8% on Friday.
Corn prices lifted as the U.S. Department of Agriculture on Friday said private exporters sold 170,800 metric tons of corn for delivery to Japan during the 2015-16 crop year.
CBOT May corn, the most actively traded contract, added 1/4 cent, or 0.1%, to $3.63 a bushel.
CBOT May wheat, the most actively traded contract, shed 1/2 cent, or 0.1%, to $4.76 1/2 a bushel. Front-month March contracts gained one cent, or 0.2%, to $4.72 1/2 a bushel.
(Source – http://www.nasdaq.com/article/us-corn-soybeans-lift-as-oil-climbs-20160311-00340#ixzz42bhvadJk)