Wheat futures were higher on the first day of the holiday-shortened trading week, while soybeans were lower and corn mixed.
Gains in wheat today were attributed to short covering and trader positioning ahead of the Christmas holiday on Wednesday. Meanwhile, US wheat sales since the beginning of the 2024-25 marketing year on June 1 are reported at 16.3 million tonnes, up 9% on the year. March Chicago wheat was up 7 ½ cents at $5.40 ½, March Kansas City added 6 ¼ cents at $5.51, and March Minneapolis gained 5 ¼ cents to $5.95 ½.
Soybeans were lower on unexpected and beneficial rainfall in parts of Argentina. On the other hand, the USDA reported a private export sale of 132,000 tonnes of soybeans to China this morning for 2024-25 shipment. January beans lost a nickel to $9.69 ½, and new-crop November eased a ¼ cent to $9.87.
Corn saw some support as the USDA reported a private export sale of 132,000 tonnes of US corn to unknown destinations for 2024-25 shipment this morning. However, a dearth of other fresh news also weighed. March was up 1 ½ cents at $4.47 ¾, and December slipped a ½ cent to $4.37 ¼.
