Wheat futures jumped on Monday, fueled by increasingly dry conditions for winter wheat crops in both the US and Russia.
Parts of the southern Plains last week were blasted by hurricane-force winds that reportedly ripped some wheat plants right out of the ground. Flash drought conditions in Kansas and Oklahoma are adding to the stress on crops. Meanwhile, overly dry conditions are also threatening winter wheat crops in southern Russia. Short covering added to the upside. May Chicago wheat climbed 20 cents to $5.70 ¼, May Kansas City added 16 cents to $5.97 ½, and May Minneapolis was up 8 3/4 cents at $6.55 ¾.
The strong advances in wheat spilled over to help support corn, along with stunt disease problems in Argentina which are expected to dent that country’s crop. May and December corn each gained 6 ¼ cents to close at $4.39 ¾, and $4.72 ½.
Soybeans got a boost from overly wet weather in the forecast for northeastern Argentina, which may cause quality problems along with harvest delays. May beans were up 10 1/2 cents to $11.61, and November was up 10 3/4 cents at $11.71 ¾.
