Wheat futures continued to truck higher on Friday, although the gains in the benchmark Chicago market were more muted. Corn and soybeans ended with losses.
Wheat – which was higher for the seventh straight day - continued to be supported by weather worries, even with rainfall in the forecast for the southern Plains this weekend. Conditions also remain unfavourably dry for the winter wheat crop in parts of Russia, the world’s No. 1 exporter, with no relief on the immediate horizon. Meanwhile, the precipitation this weekend for the Plains could also come with heavy downpours and damaging winds. May Chicago wheat was up a penny at $6.03 ¼, May Kansas City was 14 ¼ cents higher at $6.46 ¼, and May Minneapolis climbed 6 ¼ cents to $6.97 ¼.
Corn and soybeans both stumbled as rain is also forecast for the Midwest this weekend. Although the weather may delay planting, the moisture is seen as a net benefit in those areas that are still too dry. Reports said drought should improve in parts of eastern Kansas, Missouri and pockets of Iowa, the largest corn production state and No. 2 soybean producer.
May corn slipped a penny to $4.40, and December eased 2 ¾ cents to $4.73 ½. May beans lost 3 ¼ cents to $11.59 ½, and November dipped ¾ of a cent to $11.74 ¾.
