Continued concern about hot, dry weather for the U.S. winter wheat crop pushed wheat futures higher on Thursday. Soybeans ended slightly higher while corn was mixed.
The USDA’s daily agricultural weather update said ‘record-shattering’ heat was prevailing across the southern half of the Plains, where today’s high temperatures were expected to range from 90 to 100 degrees F. Along with increasing the risk for wildfires, the heat was reducing soil moisture for rangeland, pastures, and winter wheat, the update said. Released late last week, NOAA’s spring outlook said drought is likely to worsen or develop in parts of the south-central Plains, with below-normal precipitation favored for western Kansas and the Oklahoma and Texas panhandles. May Chicago wheat gained 7 ¼ cents to $6.05, and May Kansas City added 9 cents to $6.26 ¾. May Hard Red Spring was 5 ¼ cents higher at $6.36 ¼, and May Minneapolis climbed 4 ¼ cents to $6.45.
Soybeans ticked a bit higher as firmness in crude oil offered support to soyoil. Meanwhile, the soybean market is looking forward to a White House event on Friday, where there is potential for a biofuel-related announcement. May beans were up 2 cents to $11.73 ¾, and November added 2 ¾ cents to $11.52 ¾.
Corn was little changed as traders awaited next week’s USDA acreage report and continued to monitor the mixed messages from either side in the U.S. war against Iran. May slipped a ¼ cent to $4.67, and December added 1 ¼ cents to $4.94 ½.
