U.S. corn, soybean and wheat futures all posted solid gains Wednesday, supported by disappointing crop tour findings, escalating Black Sea supply concerns, and a weaker U.S. dollar.
Wheat recorded some of the strongest gains, as Black Sea supply concerns remained a major driver following further drone attacks on vessels compounded logistical problems in the region. Russian wheat exports for August are expected to be at their lowest since 2010, according to data from SovEcon. The U.S. dollar fell to a 2 ½-month low, improving the competitiveness of American commodities. December Chicago wheat was up 16 ¼ cents to $6.97 ½, and December Kansas City added 18 ¼ cents to $7.76 ¾. December Hard Red Spring was 12 ¾ cents higher at $7.17 ½, and December Minneapolis climbed 16 ½ cents to $7.20 ¼.
Corn was supported as results from the Pro Farmer Crop Tour have raised questions about U.S. yield potential, particularly following recent flooding in parts of the eastern Corn Belt. The lower greenback added to the gains, as did strength in wheat. December added a dime to $4.98, and March was up 9 ¾ cents to $5.13 ¾.
Soybeans benefited from similarly supportive crop-tour findings, with pod counts in both Indiana and Nebraska running below year-earlier levels. Flooding in the eastern Corn Belt has added to concerns about late-season crop potential, while soybean meal also moved sharply higher. November beans gained 20 ½ cents to $12.37 ¼, and March ended 17 ¼ cents higher at $12.55 ½.
