Wheat futures posted double-digit gains on Friday amid weather concerns. Soybeans also closed higher with corn mixed.
Dryness in parts of Western Canada ahead of spring seeding helped to boost wheat futures, as did dry weather on the North China Plain. Parts of Europe could also use more moisture. Technical buying offered further support to wheat. Gains were blunted by wetter conditions for the southern US Plains and ideas that Monday’s USDA crop progress report will show a significant improvement in the Kansas winter wheat condition rating. July Chicago wheat climbed 12 cents to $5.43, July Kansas City was up 13 ¾ cents to $5.41 ¼, and July Minneapolis ended 15 ½ cents higher at $6.11.
Soybeans drew some support from yesterday’s NASS Fats & Oils report, which was released after the close. The March soybean crush was shown at 206.5 million bu, exceeding most trade estimates. That was up 1.5% from last year and almost 9% larger than the February short month. July beans gained 7 ¾ cents to $10.58, and November closed up 6 ½ cents at $10.30 ½.
July corn fell 3 ¼ cents to $4.69, and December closed 3 cents higher at $4.50 ¼.
