Wheat futures pushed higher for the second straight day on Thursday, with the benchmark Chicago market remaining near three-month highs. Soybeans also gained while corn closed mixed.
The advances in wheat were attributed to short covering, amid some nervousness about new-crop production. Ukraine farmers union UAC warned on Wednesday that a return to cold temperatures after a recent thaw had led to ice that could potentially damage winter wheat and rapeseed crops there. New-crop supply-demand estimates released at today’s USDA Agricultural Outlook Forum suggest a decline in US all wheat planted area and lower production but little change in 2026-27 ending stocks compared to the current marketing year. March Chicago was up 12 ½ cents at $5.59 ½, and March Kansas City was 14 ½ cents higher at $5.65 ½. March Hard Red Spring was 8 ¼ cents higher at $5.85 ¼, while March Minneapolis posted an 8 ½-cent gain to $5.82 ½.
Soybeans remained buoyed by hopes of Chinese export demand once Lunar New Year celebrations are over this week. Gains were limited by forecasts today calling for an approximately 4-million acre increase in US soybean planted area to 85 million. March beans climbed 7 ½ cents to $11.41, and November was 1 ¾ cents higher at $11.18 ¼.
For corn, estimates from this morning’s Ag Outlook Forum indicated a decline in US corn planted area and production in 2026-27, but only a relatively small reduction in ending stocks compared to a year earlier. March corn eased 1 ¼ cents to $4.25 ¾, and December was up a ½ cent at $4.61 ½.
