Wheat futures fell heavily on Wednesday amid improving weather for parts of the moisture-starved winter wheat crop on the U.S. central Plains. On the other hand, both corn and soybeans posted modest losses amid crude oil weakness.
According to a forecast from World Weather, ‘significant’ rainfall – along with the potential for some flooding - is expected this week in eastern production areas, especially in central Oklahoma into southeastern crop areas of Kansas. However, not all areas will benefit, with net drying expected from the Texas Panhandle into eastern Colorado and western Kansas. With the crop emerging from dormancy and conditions turning more favourable, speculative selling accelerated, particularly as funds liquidated long positions built on weather fears. May Chicago fell 18 ¾ cents to $5.97 ½, and May Kansas City lost 21 ¾ cents to $6.13 ¾. May Hard Red Spring was down 17 ¾ cents to $6.32 ¼, and May Minneapolis dropped 16 ½ cents to $6.42.
Soybeans fell on weakness in soyoil, as crude oil pulled back on optimism the U.S. war in Iran could draw to close within the next few weeks. My lost 2 ½ cents to $11.68 ½, and November closed 2 cents lower at $11.55 ½.
The steep losses in wheat and weakness in crude weighed on corn. May ended 3 ½ cents lower at $4.54 ¼, and December was down 3 cents at $4.81 ¼.
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