Wheat and corn futures moved higher on Thursday, boosted by weakness in the American dollar, while soybeans managed just a mixed close.
In addition to the declines in the greenback, wheat drew some support from weather concerns for the US winter wheat crop on the southern Plains. A major winter storm is forecast to hit large portions of the southern and eastern US this weekend, bringing with it heavy cold rain, freezing rain, and snow. Prior to the snowfall, frigid temperatures are expected in parts of Kansas and Nebraska on Friday, potentially causing winterkill. March Chicago was up 7 ¾ cents at $5.15 ½, and March Kansas City was 6 cents higher at $5.25 ¾. March Hard Red Spring climbed 12 ½ cents to $5.61 ¼, and March Minneapolis added a dime to $5.73 ¾.
The US dollar weakness helped corn overcome a drop in weekly ethanol production from the previous week’s record high. Late this afternoon, US corn growers were left massively disappointed after Congress pushed forward a funding bill that omitted language that would have allowed consumers across the country access to fuels with a 15% corn-ethanol blend. March corn gained 2 ¼ cents to $4.24, and December was 2 cents higher at $4.51 ¾.
Soybeans got some support as the USDA reported a private export sale of 192,350 tonnes of soybeans to unknown destinations this morning. However, uncertainty surrounding future China purchases of US soybeans, especially as Brazilian new-crop supplies will soon be available, weighed on the market. March beans eased a ½ cent to $10.64, and November was up 2 ¾ cents at $10.77 ¼.
