Wheat futures gained on Thursday, with the Minneapolis spring wheat market putting up the largest gains. Corn was lower and soybeans mixed.
Wheat was boosted by a weaker American dollar, which makes American supplies more affordable for foreign buyers. The greenback was initially stronger after a US court late Wednesday struck down most of President Donald Trump’s global tariffs. However, the dollar eroded amid expectations of a protracted legal fight over the tariffs. The Minneapolis market also remained supported by Tuesday’s lower than expected initial US spring wheat condition rating. July Chicago gained 3 ¾ cents to $5.34, July Kansas City was up 6 ½ cents to $5.34, and July Minneapolis climbed 12 ¼ cents to $6.15 ½.
Corn slipped on good weather for US crops, with a good mix of sunshine and rain in the forecast for the Corn Belt. Lower-priced supplies out of South American pressured as well. July dipped 4 cents to $4.47, and December fell 2 ¼ cents to $4.41 ¼.
Soybeans saw some pressure for good Midwest weather but also support from the weaker US dollar. July gained 3 ¼ cents to $10.51 ¾, and November eased a ¼ cent to $10.37 ¼.
