Wheat futures surged on Wednesday, while both corn and soybeans posted more modest gains.
Reports attributed the strength in wheat to short covering going into the US holiday. American markets will be closed on Thursday in observance of the Juneteenth holiday. The US government will be closed as well, with ag reports pushed back a day. July Chicago wheat was up 25 ¼ cents at $5.74 ¼, July Kansas City jumped 23 ½ cents to $5.71 ¼, and July Minneapolis added 15 ½ cents to $6.46 ¼.
The advances in wheat pushed corn a bit higher. The weather in the American Midwest remains a non-story so far. Enough rain is expected to fall over the next couple of weeks to keep soil and crop conditions favourable in most regions, World Weather said in a report today. July corn gained 2 cents to $4.33 ½, and December was up 5 ¼ cents at $4.44.
Soybeans saw mostly quiet trade ahead of the holiday, with the market riding the coattails of corn and wheat higher. July closed ¾ of a cent higher at $10.74 ¾, and November beans inched a ½ cent higher to $10.68 ¼.
