Chicago Close: Spring Wheat Higher Again on Dryness Concerns

Spring wheat futures continued to march higher on Wednesday, buoyed by concerns over potential lost production.

Extreme dryness in parts of the northern Plains, including the No. 1 production state of North Dakota, has sparked worries that American output could suffer, or that producers might even switch to later planted crops like soybeans while they await moisture. The strength in the spring wheat Minneapolis market pulled the winter wheat markets higher as well. May Chicago wheat was up ¾ of a cent to $6.16 ¼, May Kansas City added 7 ¾ cents to $5.63 ¼ and May Minneapolis climbed 13 ½ cents to $6.24 ½.

Corn was higher on expectations that Friday’s supply-demand update from the USDA will bump 2020-21 exports higher, further tightening ending stocks. May corn was up 6 ¼ cents to $5.60 ½ and December added 2 ¼ cents to $4.85 ½.

Soybeans ended lower on pressure from the South American harvest. May dropped a dime to $14.08 ¾ and November dipped a ½ cent to $12.70 ¾.

Live cattle and lean hogs both closed higher today.

Source: DePutter Publishing Ltd.

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