Corn and soybean futures closed higher on Wednesday amid wetter forecasts for parts of the Midwest, as traders built in a modest weather premium with rain expected to slow early-season fieldwork but also replenish soil moisture.
Corn futures were supported by the prospect of delays to planting in parts of the central and eastern Corn Belt following recent and expected precipitation. May corn gained 8 1/4 cents to $4.51 1/4, while December corn rose 7 1/2 cents to $4.78.
Soybean futures also moved higher, drawing support from both the wet weather outlook and fresh demand side data. The National Oilseed Processors Association reported a March crush of 226.16 million bu, a record for the month. but slightly below trade expectations. May soybeans climbed 9 cents to $11.67, and November soybeans added 10 1/2 cents to $11.54 1/2.
Wheat futures inched higher, supported by ongoing concerns about crop conditions in the U.S. Plains and spillover strength from corn and soybeans. Recent declines in U.S. winter wheat ratings and persistent dryness in key growing areas have underpinned the market. May Chicago wheat rose 1 3/4 cents to $5.93 3/4, while May Kansas City wheat gained 2 3/4 cents to $6.25 1/2. May Hard Red Spring nudged up a penny to $6.34 ¼, while May Minneapolis gained 1 ½ cents to $6.39 ½.
