Corn, wheat, and soybean futures all posted gains for the second straight day on Wednesday, with wheat posting the sharpest advances.
Wheat was boosted by weather issues in other parts of the world, including dryness in the Black Sea region and overly wet conditions in France and Germany. Forecasts call for warm, dry weather in the US Plains – allowing spring wheat harvesting and winter wheat planting to proceed – although more rain is needed. December Chicago wheat gained 14 cents to $5.80 ¾, December Kansas City added 16 ¾ cents to $5.93, and December Minneapolis was up 16 ¼ cents at $6.23 ½.
Soybeans gained as Monday’s crop progress report put the US soy crop at 65% good to excellent as of Sunday, down 2 points from a week earlier and a slightly steeper drop than expected. Dry forecasts in Brazil for the next two weeks could also delay bean planting there. November beans were up 9 ½ cents to $10.21 ½, and January was 9 ¾ cents higher at $10.39 ¼.
Corn drew some support from warmer and drier weather in the 6- to 10-day outlook. The crop progress report put the national corn crop at 65% good to excellent, unchanged from the previous week. December corn edged up 3 ½ cents to $4.12 ¾, and March added 3 ¾ cents to $4.31.
