Corn and soybean futures both nudged higher on Thursday, while wheat ended mainly in the green.
The advances in corn were attributed to uneven Midwest yield reports, with almost half of the American crop now estimated to be in the bin. Meanwhile, forecasts indicate the potential for some slowdown in fieldwork across the eastern Corn Belt, with 1-3 inches of rain forecast over the next week. December corn gained a nickel to $4.21 ¾, and March was 3 ¼ cents higher at $4.35 ½.
Wednesday’s NOPA report continued to lend support to soybeans, even as US-China trade tensions appear to be ratcheting higher. That report showed the September US soybean crush higher than expected. Reports that higher soybean prices in Brazil have slowed Chinese buying from that country also buoyed beans. November soybeans climbed 4 ¼ cents to $10.10 ¾, and January was up 4 ¼ cents at $10.28 ½.
The gains in corn and soybeans supported wheat, along with short covering. However, heavy global supplies remain an undermining market influence. The benchmark Chicago wheat market touched a five-year low earlier this week. December Chicago was up 3 ¾ cents to $5.02 ½, and December Kansas City added a ½ cent to $4.88 ¾. December Hard Red Spring climbed 2 cents to $5.28 ¼, but December Minneapolis eased 1 ½ cents to $5.49 ½.
