Wheat futures shot strongly higher to end the week, with corn and soybeans closing with gains as well.
The rally in wheat – which took the benchmark Chicago market to a one-year high – was attributed to geopolitical concerns, as the US and Iran try to hammer out a nuclear agreement amid threats of a possible US military strike on the country. Crude oil futures also ran higher today on growing tensions ahead of the weekend. May Chicago jumped 17 cents to $5.91 ½, and May Kansas City was 18 ¼ cents higher at $5.80 ½. May Hard Red Spring added 7 ¾ cents to $5.97, and May Minneapolis closed 14 cents higher at $6.12 ¾.
Riding the coattails of wheat, corn futures hit a seven-week high with technical buying adding to the upside. May was a nickel higher at $4.48 ½, and December gained 2 ½ cents to $4.69 ½.
Soybeans remained underpinned by biofuel hopes and the possibility of additional Chinese export business. On the other side, large Brazilian production limited gains. May gained 7 ¼ cents to $11.70 ¾, and November inched ¾ of a cent higher to $11.28 ¼.
