Wheat futures finished solidly higher to end the week, with corn and soybeans also closing with gains.
Strong export demand helped the wheat market to rally This morning’s weekly export sales report from the USDA showed bookings of US wheat for the week ended June 27 at 805,318 tonnes, well above pre-report trade expectations that ranged from 350,000 to 700,000 tonnes. September Chicago wheat gained 16 ½ cents to $5.90 ½, September Kansas City was up 15 ½ cents at $5.99 and September Minneapolis added 10 ½ cents to $6.33 ¼.
The strength in wheat helped to pull corn higher, along with forecasts calling for spottier Midwest rainfall over the next week. The eastern Corn Belt is expected to be relatively drier than the western areas. Old-crop corn bookings of 357,152 tonnes were at the low end of trade expectations. September corn was a nickel higher at $4.10 ½, and December was up 4 ½ cents at $4.24.
Soybeans moved higher with the gains in soyoil and soymeal. On the other hand, soybean export sales were reported at 228,379 tonnes, a four-week low and on the bottom end of trade ideas. August beans were 8 ½ cents higher at $11.66 ¼, and November added 8 ¼ cents to $11.29 ¾.
