Early strength in crude oil helped to lift Chicago crop futures on Wednesday with wheat leading the way higher.
Wheat gained as the market continued to build in risk tied to the Iran war and broader inflation pressure across commodity markets. Reports said fund buying was strong as wheat was snapped up as a so-called safe haven amid the ongoing war. Weather provided underlying support, with parts of the U.S. southern Plains forecast to see record heat Friday and Saturday as conditions for the winter wheat crop remain dry. May Chicago was up 14 ½ cents to $6.04 ¼, and May Kansas City jumped 19 ¼ cents to $6.26. May Hard Red Spring and May Minneapolis both added 13 cents to end at $6.28 and $6.36 ¼, respectively.
The gains in wheat helped to power corn higher, with strength in crude adding to the support. Early large gains in U.S. crude faded into the close, but Brent crude remained strong. May corn was up 9 ¼ cents to $4.63 ¼, and December gained 8 cents to $4.89 ¾.
Gains in soybeans were more muted as traders remained cautious about Chinese export demand. Soyoil ended with losses as U.S. crude prices eased into the close. May was 4 ¾ cents higher at $11.61 ¾, and November added 10 ¼ cents to $11.41 ½.
