Wheat futures shot higher Friday, supported by weather concerns and strong export demand. Corn and soybeans finished higher as well.
Bitterly cold weather in the US southern Plains and in parts of Russia stoked worries about potential damage to winter wheat crops. A major winter storm bringing frigid temperatures and precipitation was beginning to impact large portions of the southern and eastern US today and lasting into Sunday. Meanwhile, the USDA’s weekly export sales report – delayed from Monday due to a holiday – showed bookings of US wheat for the week ended Jan. 15 at just over 618,000 tonnes, a 9-week high and topping trade expectations. March Chicago wheat climbed 14 cents to $5.29 ½, and March Kansas City was up 15 cents at $5.40 ¾. March Hard Red Spring gained 8 ¼ cents to $5.69 ½, and March Minneapolis added 1 ¼ cents to $5.75.
Corn was higher amid continued scorching export demand. The USDA reported bookings of American corn for the week ended Jan. 15 at just over 4 million tonnes, well above estimates and the largest since March 2021. Gains in crude oil added to the upside in corn, as did increasing dryness for crops in parts of Argentina. March was 6 ½ cents higher at $4.30 ½, and December gained 3 ½ cents to $4.55 ¼.
Crude oil strength and rising Argentina dryness concerns boosted soybeans. Weekly soybean export sales for the week ended Jan. 15 were a marketing year high at 2.45 million tonnes, in the middle of trade guesses. March beans were up 3 ¾ cents at $10.67 ¾, and November was 4 ¾ cents higher at $10.82.
