Chicago Close: Corn Higher, Soybeans Lower Ahead of USDA

Corn futures ended higher on Wednesday, ahead of the USDA’s monthly supply-demand update. Soybeans were lower and wheat mixed.

Corn futures were boosted by continued concerns about dry Midwest weather, with updated forecasts showing less rain in the coming days than previous outlooks. The northwestern Corn Belt in particular is expected to remain mostly dry over the next couple of weeks, with only limited benefit from any showers that do pop up. July corn gained 10 ¾ cents to $6.90 ¾ and December added a ¼ cent to $6.09 ¾.

Soybeans were undermined by profit taking ahead of the USDA report. Reports also attributed some of the losses to weakness in the US cash market. July beans dropped 17 ½ cents to $15.62 ½ and November was down 8 ¾ cents to $14.48 ¼.

Wheat saw pressure from some rainfall for the drought-plagued US spring wheat crop on the northern Plains. Parts of the dry Canadian Prairies are also expected to see some rain this week. July Chicago wheat was down 2 ¾ cents at $6.82 ¼ but July Kansas City managed a 3 ¼-cent gain to $6.35 ¾. July Minneapolis was down 7 cents at $7.64 ¼.

Live cattle and lean hogs were both mostly higher today.

Source: DePutter Publishing Ltd.

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