Corn added to the previous day’s strong gains on Wednesday, with soybeans also moving higher. Wheat ended the day mixed.
Worries about Midwest planting delays, which sent the market sharply higher on Tuesday, continued to underpin the market today. Some weather models show dryness this week, which should allow for planting when the soils dry out. However, rains are expected to return later in the weekend/beginning of next week. “Planting delays are still a worry, particularly if they result in more prevented planting insurance claims,” said today’s CME market comment. July corn was ¾ of a cent to $3.69 ½ and December added a penny to $3.88 ¾.
Soybeans also pushed higher, buoyed by comments from U.S. President Donald Trump that trade talks between China and the U.S. remain ongoing, despite both sides upping the tariff battle in recent days. On the other hand, the monthly crush report from NOPA showed that 159.99 million bu of soybeans were crushed by its members in April. That was below most estimates by 1 million bu or so and down 0.7% from the same month last year. July beans were 4 cents higher at $8.35 ½ and November gained 3 ¼ cents to $8.59 ¾.
Chicago wheat managed a small gain on Wednesday, while both Kansas City and Minneapolis fell. For the first time in more than a decade, Australia is importing its first cargo of wheat, from Canada, following tight local supplies in recent years. July Chicago was up a ¼ cent at $4.48 ¾, July Kansas City lost 6 ¾ cents to $4.02 and July Minneapolis dropped 8 cents to $5.15 ¼.
Live cattle and lean hog futures both closed higher today.
Source: DePutter Publishing Ltd.
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