CHICAGO: US wheat futures rose on Wednesday, led by gains in MGEX spring wheat contracts that firmed on concerns that dry conditions in key growing areas of the northern US Plains and Canada could limit the size of the harvests.
Soyabean futures were lower, quickly shrugging off support from fresh signs of strong export demand, due to improving crop prospects in the US Midwest.
Corn futures were mostly weaker after the top US production state of Iowa received much needed rain, traders said.
But crops in the northern US Plains and parts of Canada remained dry.
“The spring wheat crop is in bad shape, and the forecast leaves it largely high and dry on both sides of the border,” Arlan Suderman, chief commodities economist at StoneX, said in a note to clients.
At 9:35 a.m. CDT (1435 GMT), MGEX spring wheat for September delivery was up 20 cents at $8.02-3/4 a bushel. CBOT September soft red winter wheat, the most-active wheat contract, was 3-1/4 cents higher at $6.62-3/4 a bushel.
CBOT November soyabeans were 6-1/4 cents lower at $12.96 a bushel.
Private exporters reported the sale of 330,000 tonnes of soyabeans to China for delivery in the 2021/22 marketing year, the US Agriculture Department said. It was the second so-called flash sale this week to the world’s top buyer of the oilseed.
CBOT December corn was 6 cents lower at $5.33 a bushel.
“Rains across the Midwest will have helped crops, but to what extent nobody knows, and with such uncertainty we are in a bit of a holding pattern,” said one Melbourne-based grains trader.
The front-month July corn contract was 3-1/4 cents higher at $6.63 a bushel after finding technical support at its 50-day moving average.