Investing.com - U.S. corn futures rallied on Friday, as investors readjusted positions ahead of the U.S. Department of Agriculture’s closely-watched monthly supply and demand report.
On the Chicago Mercantile Exchange, US corn for March delivery jumped 6.0 cents, or 1.52%, to settle at $4.0020 a bushel by close of trade on Friday.
On the week, the March corn contract tacked on 4.6 cents, or 1.14%, amid indications of strong demand for U.S. supplies.
Meanwhile, US soybeans for March delivery picked up 4.0 cents, or 0.38%, on Friday to end the week at $10.5220 a bushel.
The March soybean contract rallied 44.8 cents, or 4.25%, the biggest weekly gain since October, amid worries about damage to crops from dry weather in key South American growers.
Elsewhere on the Chicago Board of Trade, US wheat for March delivery hit a daily low of $5.6160 a bushel, a level not seen since November 28, before closing at $5.6360, down 3.2 cents, or 0.57%.
On the week, the March wheat contract lost 17.6 cents, or 3.02%, amid easing concerns about damage to crops from frigid weather conditions in the U.S. Midwest and Great Plains-region.
The USDA will publish its world grain supply and demand forecasts, quarterly U.S. grain stocks estimates and a first estimate of the 2015 U.S. wheat area on Monday, January 12.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Grain futures - weekly outlook: January 12 - 16
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