Corn, wheat, and soybean futures all finished solidly higher on Wednesday, with South American weather boosting corn and soys.
Soybeans moved higher as forecasts indicate much of Argentina will see little to no rain through the weekend. Some showers are expected to return next week but any improvements in soil moisture are likely to be only temporary – especially as temperatures in northern and central areas are forecast to exceed 100 degrees F. March beans were up 15 ½ cents at $10.60 ½, and November gained 16 cents to $10.63 ½.
The drier Argentine forecast helped to underpin corn as well, along with increasing concern about the delayed Brazilian soybean harvest pushing back the planting of the country’s second-crop corn. Rain will be frequent and significant at times during the next two weeks in parts of the country, including Mato Grosso, the No. 1 soy and corn producer. Late planting of second-crop corn in Brazil can threaten yields. March corn was up 11 ¾ cents at $4.97, and December added 5 ¾ cents to $4.66 ¾.
Wheat was supported by higher prices in Russia and Europe. A report in the Moscow Times today said Russia’s wheat exports in 2025 could fall below 50 million tonnes, a nearly 30% fall compared to a year earlier. March Chicago wheat gained 17 ¼ cents to $5.62 ½, March Kansas City was 19 ¼ cents higher at $5.80 ¼, and March Minneapolis closed 16 cents higher at $6.13 ¾.
