Wheat futures moved higher on weather worries on Wednesday, while corn and soybeans posted gains as well.
Heavy rain and flooding were reported in eastern Kansas on Tuesday, delaying the early winter wheat harvest. Meanwhile, forecasts indicate continued wet conditions for the next week to 10 days. Dryness for the Chinese wheat crop and losses in the American dollar further supported wheat. July Chicago was up 7 ¼ cents to $5.43 ¼, July Kansas City gained 3 ¾ cents to $5.40 ½, and July Minneapolis was up 5 ½ cents at $6.23 ½.
Optimism over possible talks between US President Donald Trump and China President Xi Jinping was supportive for soybeans. Seven-day forecasts for Nebraska, and portions of eastern Iowa, southern Minnesota, and southeast South Dakota look dry. July beans gained 4 ¼ cents to $10.45, and November added 3 ½ cents to $10.25.
The gains in wheat help to boost corn. July gained a ¼ cent to $4.38 ¾, and December climbed 5 ¼ cents to $4.43 ¾.
