Chicago agricultural commodities closed up

Chicago Board of Trade agricultural commodities closed higher on Friday with wheat, corn, and soybeans rising.

The most active corn contract for March delivery gained 4.25 cents, or 1.11 percent, to close at 3.8725 U.S. dollars per bushel. Soybeans for March delivery rose 6.75 cents, or 0.69 percent, to close at 9.905 dollars per bushel. Wheat for March delivery added 11.75 cents, or 2.25 percent, to close at 5.33 dollars per bushel.

Analysts cited the upcoming three-day weekend, international holidays, and cold weather in the eastern United States as possible reasons behind the rebound, as there was no real news to sway what they expected to be a longer-term bear market.

Soybeans'rise was capped as both the U.S. and Brazilian government estimated a 94.5 million metric ton Brazilian soybean crop as of Feb. 1. Meanwhile, weather conditions have improved across drought-stricken northeastern Brazil while all other areas are well watered.

The weather forecast for the U.S. is not positive as expected. There is no end in sight for the cold temperatures that will impact the eastern half of the U.S. for the next two weeks. The worst of the cold is projected to be in Minnesota and Canada.

The South American forecast shows a favorable mixture of sunshine and rain for the next two weeks. There will be enough dry weather across north and central Brazil to rapidly expand harvest progress and enough rain for Argentina and South Brazilian crops that still need to mature. Endite