Wheat futures managed gains, but corn and soybeans were mostly lower on Thursday, ahead of the Easter holiday weekend.
Positioning ahead of the three-day weekend, amid an uncertain and rapidly changing geopolitical backdrop, was a feature of today’s trade.
Wheat gained amid a sharp rally in crude oil tied to escalating geopolitical tensions. Crude prices surged, with nearby U.S crude trading above $111/barrel, after comments from U.S. President Donald Trump signaled a more aggressive military stance toward Iran and reduced expectations for a quick end to the conflict. However, gains in wheat futures were limited by a stronger U.S. dollar and mixed demand signals. The USDA’s weekly export sales report this morning showed bookings of U.S. old-crop wheat for the week ended March 26 at just 23,521 tonnes, well below the range of trade estimates. New-crop bookings of 272,839 tonnes were above expectations. May Chicago edged ¾ of a cent higher to $5.98 ¼, and May Kansas City was up 2 cents at $6.15 ¾. May Hard Red Spring gained 5 ¼ cents to $6.37 ½, and May Minneapolis closed 4 ¾ cents higher at $6.46 ¾.
Corn was just steady to slightly higher as supportive energy markets were offset by the firmer greenback and a lackluster weekly export sales report.
Bookings of old-crop U.S. corn were reported at 1.15 million tonnes, at the low end of trade guesses. New-crop sales topped expectations at 102,609 tonnes. May corn slipped 2 cents to $4.52 ¼, and December was steady at $4.81 ¼.
Old-crop soybean export sales for the week ended March 26 were reported at 353,259 tonnes, at the low end of trade ideas. No new-crop business was reported. May beans fell a nickel to $11.63 ½, and November was down 1 ½ cents at $11.54.
