Corn closes higher, posts largest daily gain in 2 weeks

Corn prices rose on Friday, buoyed by the announcement of the US and China reaching the phase one of the trade deal, which spurred demand on commodities, especially the agricultural.

President Donald Trump announced today the US and China has reached the phase one of the final trade deal, and the US will cancel the tariffs hike decision against China, which was due next Sunday..

Trump stated that China would pledge buying $50 billion worth of US farm goods, and White House chief economic adviser Larry Kudlow said $40 billion over two years.

The Trump administration and China expect to start immediately to negotiate the phase two trade deal, after reaching phase one.

As for trading, corn futures (March delivery) rose by 0.8% to close at $3.81 a bushel, and hit an intraday high of $3.85 and a low of $3.77.