Wheat futures ended with solid gains on Thursday, while corn and soybeans were just modestly higher.
Wheat posted gains as colder weather is expected to move into parts of the Black Sea region beginning next week. After a mild winter so far, some of the Black Sea crop remains exposed and vulnerable to potentially damaging cold. Today’s USDA weekly export sales report showed bookings of US wheat for the week ended Jan. 30 at 438.867 tonnes, in line with trade estimates. March Chicago wheat was up 15 ½ cents at $5.87 ¾, March Kansas City gained 15 ¾ cents to $6.07 ½, and March Minneapolis added a dime to $6.28 ½.
Corn moved a bit higher with the advances in wheat. Weekly export sales amounted to 1.47 million tonnes, on the high end of trade guesses. March inched up 2 cents to $4.95 ¼, and December was up 1 ¼ cents at $4.69 ¾.
Soybeans continued to be underpinned by China trade action against US tariffs that did not target American ag commodities. Weekly export soybean sales, at 387,718 tonnes, were lower than expected by the trade. March beans gained 3 ½ cents to $10.60 ½, and November was up 3 ½ cents at $10.66.
