Chicago crop futures moved higher Wednesday as the US dollar remained weak.
Although the American dollar did post gains today, the greenback remained near four-year lows, making US agricultural commodities appear more attractively priced for foreign buyers.
Corn also got a lift from US President Donald Trump’s speech in Iowa, where he said the government was close to a plan to allow year-round sales of E15, a move that would increase demand for biofuel production. Dryness for corn crops in Argentina added to the upside. March and December corn each gained 3 ½ cents to settle at $4.30 and $4.57 ¾.
Soybeans also got a boost from the dryness in Argentina, with central and eastern production regions are expected to remain under stress. March beans were 7 ¾ cents higher at $10.75, and November was up 7 ¼ cents at $10.90.
March Chicago wheat was up 12 ¾ cents at $5.36, and March Kansas City added 9 ½ cents to $5.42 ¼. March Hard Red Spring gained 7 ¾ cents to $5.67 ¾, and March Minneapolis ended 2 ¼ cents higher at $5.75.
