Corn futures moved slightly higher on Wednesday, while soybeans finished lower, and wheat mixed.
Corn was buoyed forecasts that are trending drier for the western Corn Belt. The weather this week is mostly non-threatening with a good mix of sun and rain. However, World Weather said today the July 31 – Aug. 7 period could bring dryness and some crop stress to the more western production region. Short covering offered further support. September was 1 ¼ cents higher at $4.03 ¾, and December was up ¾ of a cent at $4.18.
Soybeans mostly ignored the drier forecasts for the western Corn Belt, with farmer selling continuing to overhang the market, said Charlie Sernatinger of Marex in a report this afternoon. August beans dropped 6 ½ cents to $11.11 and November lost 11 ½ cents to $10.64.
Spring wheat futures were undermined as Day 1 of an annual crop tour estimated the average spring wheat yield for southern and east-central North Dakota at 52.5 bu/acre, the highest on tour record. On the other hand, record high temperatures are possible this week for the spring wheat crop in parts of the northern Plains. September Chicago wheat added 4 ¼ cents to $5.47, September Kansas City was up ¾ of a cent at $5.67 ½, and September Minneapolis was down 4 ¾ cents at $6.10 ¾.
