Chicago Close: Soybeans Rebuilt Some Weather Premium, Corn & Wheat Jumped Too

Crop futures were jolted higher Thursday, regaining some of the heavy losses suffered earlier in the week. Soybeans were the biggest winner, on ideas crop stress could increase in mid August in the Western Corn Belt.

Midday weather forecasts for the US remained free of significant rains in the Western Corn Belt in the middle part of August. This helped crop futures, particularly soybeans, rebuild some “weather premium” with US yields for spring-seeded crops still being determined.

The August soybean future rocketed up 57 cents to $16.15 and November added 48 cents at $14.17 3/4.

September corn zipped up 10 3/4 cents to $6.02 1/4 and December rose 10 to $6.06 1/4.

September Chicago wheat jumped 18 3/4 cents to $7.82 1/2 and September Kansas City was up 24 3/4 at $8.60 1/4. September Minneapolis gained 19 cents to $8.94 1/4.

Source: DePutter Publishing Ltd.

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