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Corn, soybeans end Friday higher

Jeff Caldwell 12/23/2011 @ 2:09pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Corn and soybean market bulls got an early Christmas present Friday, as both of those pits ended the day's session higher, capping off a week-long rally.

At the close Friday, March corn was $6.20 1/2 per bushel, up 2 3/4 cents, January beans were 1 1/4 cent higher at 11.63 1/2 and March wheat was down 1/4 cent at $6.21 1/2, according to the CME Group.

Volume was light Friday, reflecing the usual tone in the last trading day leading up to a 3-day weekend, which is ahead this weekend on account of the Christmas holiday. Trading will resume again Tuesday morning, with no overnight trading Monday night. Friday's close marks the longest rally -- at 5 consecutive days -- for corn of the calendar year, according to ICAP Energy LLC Derivatives Manager Scott Shelaldy.

"Decent market action in the ags should have us smiling into the weekend. Markets are quiet today," Shellady said Friday. "Weather has dominated trade with South American still hot and dry. This has been the longest corn rally this year."

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Soybeans Rally on Demand, Weather