Chicago Close: Northern Plains Dryness Boosts Spring Wheat

Wheat futures ended mixed on Tuesday, with spring wheat up amid dryness concerns on the US northern Plains.

Winter wheat contracts declined but the Minneapolis market managed gains on worries that continued dry soils in North Dakota and other northern Plains production states could hurt production this year. In the worst-hit state of North Dakota, topsoil moisture supplies were rated 92% short to very short as of Sunday, compared to just 1% short (0% very short) at the same time last year. An estimated 1% of the North Dakota spring wheat crop was planted as of Sunday, while 11% of the crop was planted in South Dakota. May Chicago wheat was down 2 ½ cents at $6.15 ½ and May Kansas City fell 7 ½ cents to $5.55 ½ but May Minneapolis was up 3 ½ cents to $6.11.

Soybeans ended the day higher, as the market remained supported by last week’s USDA prospective plantings report which showed intended 2021 US soybean acres below expectations. Dryness in some parts of the American Midwest added to the gains. May beans climbed 6 cents to $14.18 ¾ and November was 2 ¼ cents higher at $12.71 ¼.

Corn closed slightly higher in the nearby May contract but lower in new-crop November. Some support for corn came from delays in getting second-crop corn planted in Brazil due to wet weather. May corn added a penny to $5.54 ¼ and December fell 5 ¼ cents to $4.83 ¼.

Live cattle and lean hogs were both higher today.

Source: DePutter Publishing Ltd.

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