Corn and soybean futures pushed higher on Thursday as crude oil continued to strengthen amid the war in Iran. Wheat was mixed.
U.S. crude futures were trading almost $9/barrel higher at about $96 late this afternoon as the market approached the $100 threshold. In his first message from the helm, Iran’s new leader said the Strait of Hormuz will remain essentially closed, impacting global oil shipments.
The firmness in oil allowed corn to move modestly higher, even as this morning’s weekly export sales report was just routine. The report showed bookings of U.S. corn the week ended March 5 at 1.53 million tonnes, in the middle of pre-report trade guesses. May corn was up 2 ¼ cents at $4.62 ½, and December added a penny to $4.90.
Soybeans moved higher as soybean oil remained buoyed by crude strength. Bookings of old-crop U.S. soybeans were reported at 456,740 tonnes, also in the middle of trade guesses. May beans climbed 13 ¼ cents to $12.27 ¼, and November was up 4 ¼ cents at $11.67 ½.
Wheat export sales for the week ended March 5 came in at 455,439 tonnes, the largest in four weeks and topping trade expectations. May Chicago wheat was up 3 ¾ cents at $5.98 ½, and May Kansas City was steady at $6.13 ½. May Hard Red Spring slipped 1 ¼ cents to $6.26 ¾, and May Minneapolis eased 3 ½ cents to $6.34 ½.
