Wheat futures were strongly higher on Wednesday, boosted by continued dry conditions in No. 1 exporter Russia. Corn inched higher on the day, while soybeans were slightly lower.
Reports today said the Russia region of Oryol has declared a state of emergency due to drought, joining other wheat growing regions which have already done so. Conditions in Australia are also uneven, with dryness and recent frost denting production prospects. The benchmark Chicago market climbed to its highest point in a month. December Chicago jumped 16 ¼ cents to $6.15 ¼, December Kansas City was up 21 cents at $6.19 ¼, and December Minneapolis was 14 ¼ cents higher at $6.49.
Corn was pulled higher by strength in crude oil amid the escalating Middle east tensions. The Israeli government has said it intends to retaliate after Iran fired dozens of missiles into Israel on Tuesday. December and March corn each gained 3 ½ cents to close atyy $4.32 ½, and $4.50, respectively.
Soybeans were pressured by slowly improving prospects for rain in Brazil, where dryness in the top production state of Mato Grosso has slowed the early planting of the 2024-25 crop. November and January soybeans each slipped 1 ¼ cents to end at $10.56 and $10.74 ¼.
