Wheat futures were weaker Wednesday after beneficial precipitation in parts of the dry southern Plains. Soybeans were also lower on the day, while corn closed mixed.
The Kansas City market led wheat lower after unexpectedly heavier amounts of snow fell across portions of western Kansas, northeastern Colorado and much of Nebraska, Totals in some Kansas locales were as much as 10 inches. The snow should provide a much-needed moisture boost for the winter wheat crop, which was battered by high winds over the weekend and earlier this week. However, longer-term forecasts still lean drier. May Chicago lost 1 ½ cents to $5.63 ½, May Kansas City was down 11 ½ cents to $5.94 ¾, and May Minneapolis dropped 2 ¼ cents to $6.11 ¾.
Soybeans were undermined by continued tariff fears, with traders worried the levies will upend traditional trade flows. May beans were 4 ½ cents lower at $10.08 ¼, and November fell 5 ½ cents to $10.10.
Tariff worries also overhung corn, as did large new-crop planting expectations. However, the nearby May contract did close higher, gaining 3 ¼ cents to $4.62. December was down 2 ¾ cents at $4.51 ½.
