Corn and soybean futures were higher on Wednesday, boosted by further gains in crude oil. Wheat was mixed on the day.
Crude oil futures moved higher as traders continued to build in a geopolitical risk premium tied to the ongoing U.S.-Iran conflict and concerns about disruptions to Middle East energy shipments. Although a ceasefire remains in place, talks between the two countries aimed at ending the conflict have reportedly stalled. Soybeans were reportedly further supported by rising U.S. crush margins. July was up 7 ¾ cents to $11.97, and November gained 4 ¼ cents to $11.71 ¼.
Corn was also pulled higher by weather concerns and remained underpinned by good export demand. In the Corn Belt, cool, cloudy weather is slowing fieldwork, said today’s USDA agricultural weather highlights Additionally, rain showers dot Midwestern areas east of the Mississippi River, maintaining soggy conditions, the USDA report added. July added 2 ¼ cents to $4.77 ¾, and December was 2 cents higher at $4.97 ¾.
Strength in the U.S. dollar, which makes American supplies less competitive in international export markets, cooled the wheat market. July Chicago lost 4 ¾ cents to $6.53, while July Kansas City was up 2 ½ cents at $7.04 ¾. July Hard Red Spring slipped 1 ¾ cents to $7.16 ¾, and July Minneapolis added 2 ¼ cents to $7.13.
