CBOT corn rises 2%, hits one-year high on Argentina weather
CHICAGO, Jan 17 (Reuters) - Chicago Board of Trade corn futures climbed 2% to a fresh one-year high on Friday ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about U.S.-China trade relations, traders said.
CBOT March corn CH25 settled up 9-3/4 cents at $4.84-1/4 per bushel after reaching $4.85, the highest on a continuous chart of the most-active corn contract Cv1 since mid-December 2023.
For the week, the March contract CH25 rose 13-3/4 cents a bushel or 2.9%.
Nearby contracts gained against back months on spreads, reflecting a tighter near-term supply outlook for U.S. corn coupled with expectations of increased plantings for 2025.
Corn and soybean futures extended early gains on Friday after U.S. President-elect Donald Trump said he discussed trade with Chinese President Xi Jinping in a phone call, easing fears about trade tensions with the world's biggest soy buyer.
In Argentina, weekend rains were expected to give crops a brief reprieve from stressful conditions before dry weather returns. Uncertainty about crop prospects in Argentina, the world's No. 3 corn exporter, has supported futures this month.
U.S. markets and most government offices will be closed on Monday for the Martin Luther King Jr. Day holiday, which coincides with Trump's inauguration.
(Reporting by Julie Ingwersen; Editing by Lisa Shumaker)
((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))
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