Chicago soybean futures shot higher on Friday on potential Hurricane Helene crop damage. Corn was also higher while wheat posted modest declines.
The hurricane, which made landfall on Thursday evening, is thought to have caused damage to soybean crops in the Gulf Coast region, while rain from the storm is expected to delay the harvest in parts of the southern Midwest and the northern Delta this weekend. Soymeal futures were sharply higher on the day, touching their highest since June. Short covering ahead of grain stocks and small grains reports from the USDA on Monday added to the upside. November beans jumped 24 ¾ cents to $10.65 ¾, and January was up 23 ¾ cents to $10.83.
Corn moved higher with the advances in soybeans, along with the same potential hurricane-related harvest delays. However, gains in corn were much more modest than in soybeans. December was 4 ¾ cents higher at $4.18, and March added 4 cents to $4.35.
Wheat futures declined amid heavy competition from lower-priced Russian supplies in international export markets. Bookings for US wheat in yesterday’s USDA weekly export sales report fell below trade expectations. December Chicago dropped 4 ¼ cents to $5.80, December Kansas City lost 2 ¼ cents to $5.76 ¾, and December Minneapolis fell 3 ¼ cents to $6.08 ¼.
