Soybean futures posted solid gains for the second straight day on Friday. Wheat and corn were higher as well.
Soybeans continued to be supported by weather problems in southern Brazil, where torrential rainfall is causing extensive flooding and expected to result in production losses. More rain is expected over the weekend, before lessening next week. Frost and freezing conditions overnight may have also damaged some late double-cropped soybeans in Argentina. July beans gained 16 cents to $12.15, and November ended 13 ¼ cents higher at $12.01.
Wheat was boosted by forecasts calling for more dry weather for the winter wheat crop in southern Russia. The southern Russian winter wheat areas got 25% of normal moisture for the month of April, with temperatures also higher than normal. On the other hand, the Canadian Prairies are seeing improved moisture conditions. July Chicago wheat was up 18 ¼ cents to $6.22 ½, July Kansas City added 13 ¾ cents to $6.50 ¼, and July Minneapolis gained 5 ¼ cents to $7.14 ½.
Corn rallied on fund buying but settled with just modest gains amid farmer selling. July corn was up a ½ cent at $4.60 ¼, and December was 3 ¼ cents higher at $4.82 ¾.
