Chicago Close: Weather Concerns Boost Wheat

Corn, wheat and soybean futures all finished higher on Monday, with wheat leading the way higher.

Weather helped to power the gains in wheat, with frigid temperatures now being reported for winter wheat crops in the Black Sea region. Those cold temperatures follow on the heels of earlier arctic-like conditions across large portions of the US central Plains. In addition to possible cold damage, large portions of US Hard Red Winter country are also unfavourably dry. Weakness in the American dollar added to the upside in wheat. May Chicago wheat jumped 14 ¼ cents to $6.69 ¾, May Kansas City was 12 ¾ cents higher at $6.51 and May Minneapolis added 9 ¾ cents to $6.49 ¾.

The strength in wheat spilled over to help support corn, as did a slow pace to planting in Brazil. In the state of Mato Grosso, only about 35% of second-crop corn has been planted, versus 58% on average. May corn was up 8 ¾ cents to $5.50 ½ and December gained 9 ¾ cents to $4.69 ¾.

Continued wet conditions in Brazil and the resulting slow pace of the harvest there boosted soybeans. Only about 15% of the Brazil crop has been harvested, behind 31% a year ago and the slowest in 10 years. May soybeans were 7 ½ cents higher at $13.87 ½ and November gained 15 ½ cents to $12.11 ¾.

Live cattle futures were mostly lower today. Lean hogs finished higher.

Source: DePutter Publishing Ltd.

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