More strength in crude oil helped to lift Chicago crop futures on Wednesday with wheat leading the way higher.
Wheat gained as the market continued to build in risk tied to the Iran war and broader inflation pressure across commodity markets. Reports said fund buying was strong as wheat was snapped up as a so-called safe haven amid the ongoing war. Weather provided underlying support, with parts of the U.S. southern Plains forecast to see record heat Friday and Saturday as conditions for the winter wheat crop remain dry. May Chicago was up 14 ½ cents to $6.04 ¼, and May Kansas City jumped 19 ¼ cents to $6.26. May Hard Red Spring and May Minneapolis both added 13 cents to end at $6.28 and $6.36 ¼, respectively.
The gains in wheat helped to power corn higher, with rising crude adding to the support. U.S. crude was trading above $100/barrel late this afternoon, with Iran threatening to attack energy facilities across the Middle East, raising fears of further supply disruptions in a region critical to global oil flows. May corn was up 9 ¼ cents to $4.63 ¼, and December gained 8 cents to $4.89 ¾.
Gains in soybeans were more muted as traders remained cautious about Chinese export demand. May was 4 ¾ cents higher at $11.61 ¾, and November added 10 ¼ cents to $11.41 ½.
