Wheat lost ground for the fourth consecutive session on Friday, with positive results from a crop tour through Kansas weighing on the market. Corn also suffered losses to end the week, while soybeans ended higher.
The Wheat Quality Council’s crop tour wrapped up on Thursday, with the average expected yield for Kansas estimated at 46.5 bu/acre and total production at 290.4 million bu. Those projections easily top the USDA’s forecast of 38 bu/acre and 267.9 million bu. For now, the strong numbers for Kansas are offsetting the dryness and freeze damage for the winter wheat crop in Russia. July Chicago wheat fell 12 cents to $6.51 ¼, July Kansas City was down 11 ½ cents at $6.61 ¾, and July Minnesota lost 9 ¼ cents to $7.11 ½.
Corn was down with the losses in wheat as well an expected couple of days of good planting conditions in the Midwest, before more rain moves in again early next week. July corn fell 4 ½ cents to $4.52 ½, and December dropped 5 ¼ cents to $4.76 ½.
The potential for heavy crop losses in flood-ravaged southern Brazil continued to underpin soybeans, with additional support coming from rising crude oil that has spilled over into soyoil. July beans gained 11 ¾ cents to $12.28, and November added 4 ¼ cents to $12.03 ¼.
