Chicago Close: Weather Concerns Offer Support

Corn, wheat and soybean futures all rebounded on Tuesday from losses the previous day.

Wheat bounced higher on bargain buying and declining condition ratings in the US southern Plains, where winter wheat crops were hit last month with historically low temperatures. In many cases, winter fields had little to no protective snow cover, leaving them vulnerable to freeze damage. In the primary Hard Red Winter production state of Kansas, the winter wheat crop was rated 37% good to excellent as of Sunday, down 3 points from a week earlier. Oklahoma and Texas condition ratings each fell 2 points on the week to 46% and 28% good to excellent, respectively. May Chicago wheat climbed 16 cents to $6.66 ¼, May Kansas City was 12 cents higher at $6.35 ¼ and May Minneapolis was up 11 ¾ cents to $6.45 ¼.

Soybeans were higher on increasing angst about crop weather in South America. The Brazilian soybean harvest continues to be delayed by ill-timed rainfall, while parts of Argentina are growing increasingly hot and dry, threatening that country’s soybean crop. May soybeans jumped 21 ¼ cents to $14.12 ½ and November was up 10 ½ cents at $12.29 ¾.

The weather problems in South America also supported corn, with the rain in Brazil also delaying corn planting there. May corn gained 6 ¾ cents to $5.45 and December was 7 cents higher at $4.75 ¾.

Live cattle ended higher today. Lean hogs were lower.

Source: DePutter Publishing Ltd.

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