Chicago Close: wheat repeats as the upside leader

Wheat futures stormed higher for the second day in a row, offering spillover support to corn and soybeans.

Updated weather forecasts for the Midwest released this afternoon removed some heat from the mid-July outlook, when the bulk of the corn crop will be silking. Corn and soybean futures came off their highs for the day on the news. 

The September corn future gained 2 ½ cents today at $3.48 ¾.  December was up 2 ¾ cents to $3.57.

August soybeans rose 4 cents to $8.96 ½ and November moved up 4 ¼ cents to $9.01 ½.

Wheat was the strongest market, on continued talk of downsizing of this year’s crop in the Former Soviet Union, due to overly dry conditions. September Chicago advanced 8 ½ cents to $5.25, September Kansas City ended unchanged at $4.56 ¾ and September Minneapolis gained 2 ¾ cents to $5.26.

Cattle and hog futures were higher, despite generally disappointing U.S. weekly export sales of beef and pork.

Source: DePutter Publishing Ltd.

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