Soybean futures added to gains on Wednesday after touching two-month highs a day earlier. Wheat and corn finished higher as well.
Soybeans continued to be propelled higher by the weather in Brazil, where overly dry conditions are slowing the planting of the 2024-25 soybean crop in the central production regions. Although rain is expected in the top Brazil soy production state of Mato Grosso over the next couple of weeks, those showers may only be spotty at best. Meanwhile, the need for rain is also increasing ahead of summer crop planting in parts of Argentina, including the western and central regions which are experiencing severe moisture shortages. November beans gained 11 cents to $10.53 ¼, and January was up 11 ¼ cents at $10.71 ¾.
Wheat remained buoyed by dry conditions in the Black Sea region, with reports today that winter wheat planting in Russia is off to the slowest start in 11 years amid the lack of soil moisture. December Chicago was up 11 ¼ cents at $5.89 ¼, December Kansas City added a dime to $5.81, and December Minneapolis gained 5 ¼ cents to $6.17.
The advances in wheat helped to pull corn higher, as did the dry Brazil conditions. December was 3 ½ cents higher at $4.15 ¼, and March was up 2 ½ cents at $4.33 ¼.
