Wheat futures posted double-digit gains on Thursday as dryness in the U.S. central Plains sent the Kansas City market sharply higher. Corn edged higher, while soybeans lost ground.
Ongoing worries about drought-reduced production in the U.S. Plains supported wheat. Although some showers were forecast, traders said the rains were expected to benefit only parts of the dry region, leaving broader crop concerns intact. This morning’s USDA weekly export sales report showed bookings of U.S. wheat for the week ended April 16 at just over 129,000 tonnes, within trade expectations. New-crop bookings of just 8,000 tonnes were well short of trade ideas. July Chicago wheat climbed 13 ¼ cents to $6.20 ¼, and July Kansas City jumped 29 ¼ cents to $6.79 ¼. July Hard Red Spring and Minneapolis each added 10 ½ cents to close at $6.88 and $6.90 ¼.
Corn also drew support from weather concerns as Midwest farmers pushed to seed ahead of expected rains, while higher crude oil prices added underlying strength across the grain complex. Weekly export sales were mixed, with old-crop bookings within trade guesses at 1.32 million tonnes, and new crop above at 440,110. July corn added a penny to $4.63 ¾, and December was up 1 ¼ cents at $4.83 ½.
Soybean futures moved lower on technical selling and profit-taking after reaching multiweek highs a day earlier. The market also faced pressure from weaker demand signals. Weekly old-crop export sales of 364,633 were within trade expectations, but new-crop bookings fell short at only 5,000 tonnes. July beans lost 4 ¾ cents to $11.74 ¾, and November was down 1 cent at $11.55.
