Wheat led the way higher for corn and soybean futures on Wednesday.
Wheat drew support from short covering after recent losses, as well as lingering concerns about the sharply reduced 2026 U.S. winter wheat crop. Continued uncertainty surrounding Middle East energy supplies added to the positive tone, with crude oil finishing higher. July Chicago wheat closed up 16 ¾ cents at $6.12 ¾, and July Kansas City was 18 ¾ cents higher at $6.52 ½. July Hard Red Spring added 10 ¼ cents to $6.27 ¾, and July Minneapolis climbed 13 ¼ cents to $6.25.
Corn was higher on continued short-covering and corrective buying after the market’s recent slide to multi-month lows, even amid generally favourable U.S. weather and strong crop ratings. Spillover strength from sharply higher wheat and firmer soybeans added support. July was 7 ¼ cents higher at $4.21, and December gained 6 ¼ cents to $4.48 ¾.
Soybeans were further supported by ideas of Chinese buying. The USDA this morning also reported a private export sale of 372,000 tonnes of U.S. soybeans to unknown destinations, with 60,000 for old crop and 312,000 for new-crop shipment. July beans were 2 cents higher at $11.32, and November was up 2 ¾ cents at $11.49 ¼.
