Chicago crop futures finished with across-the-board gains on Wednesday, with soybeans supported by renewed hopes of Chinese export demand.
Soybeans gained after shaking off early pressure from weaker crude oil and soyoil values as reports of possible ceasefire talks with Iran cooled the energy market. Support returned later in the session when the White House said President Donald Trump’s delayed trip to meet Chinese President Xi Jinping had been rescheduled for May 14-15, reviving hopes that the talks could lead to fresh Chinese buying of U.S. soybeans. May soybeans jumped 16 ¾ cents to $11.71 ¾, and November added 6 ¼ cents to $11.50.
Corn was up as the Trump administration said it would once again temporarily allow summertime sales of higher-ethanol E15 gasoline starting May 1. Additional support came from firm U.S. ethanol production, which rose in the latest weekly data, and from expectations that farmers may trim corn acreage in response to higher fertilizer costs. May corn was 4 ¾ cents higher at $4.67 ¼, and December climbed 4 ¼ cents to $4.93 ¼.
U.S. weather concerns boosted wheat futures, with the central and southern Plains experiencing mostly dry conditions and above to well above normal temperatures. In Kansas, only 46% of the crop was rated good to excellent on March 22, down from 58% at the end of February. Gains in corn and soybeans further underpinned wheat. May Chicago added 7 ¾ cents to $5.97 ¾, and May Kansas City was 13 ¾ cents higher at $6.17 ¾. May Hard Red Spring was up 9 ½ cents at $6.31, and May Minneapolis gained 9 ½ cents to $6.40 ¾.
