Wheat futures closed higher on Wednesday amid continued dry weather worries. Soybeans were also higher on the day, while corn was mixed.
Wheat remained buoyed by dryness concerns in Russia and parts of Ukraine, while the forecast for the US southern Plains looks dry for at least the next week or so. Only 32% of the intended winter wheat acreage had been planted in Oklahoma as of Sunday, compared to 46% on average, with some producers choosing to wait for moisture. Meanwhile, topsoil moisture was rated more than 70% very short to short in Kansas, Nebraska, Oklahoma, and South Dakota as of Sunday. December Chicago was up 4 ¼ cents at $5.99, December Kansas City added a nickel to $6.08 ¾, and December Minneapolis added 3 ¼ cents to $6.48 ¼.
Soybeans managed small advances on strength in outside markets and on positioning ahead of the monthly supply-demand update due from the USDA on Friday. November beans gained 4 cents to $10.20 ¼, and January was 2 ½ cents higher at $10.37.
Corn was little changed amid trader positioning. December was up a ¼ cent at $4.21 and March was down a ¼ cent at $4.38.
