Wheat futures moved solidly higher on Monday as the market reacted to increasingly dry conditions on the US southern Plains. Corn was a bit higher, and soybeans little changed.
Parts of the central and southwestern US were pummeled over the weekend by heavy storms that included high winds that sparked massive dust storms. While the immediate impact on wheat crops is uncertain, the combination of high winds and dry conditions could stress plants. Meanwhile, the windy weather is forecast to continue Tuesday and Wednesday, causing additional dust storms. Rain is needed for the winter wheat crop, along with more consistent milder temperatures. May Chicago wheat gained 11 ½ cents to $5.68 ½, May Kansas City jumped 19 ½ cents to $6.05 ½, and May Minneapolis was up 13 ¼ cents at $6.15.
Soybeans saw some pressure from a disappointing NOPA report, which showed the February crush at 177.87 million bu, well below analysts’ estimates of 185.229 million. Strength came from the good gains in wheat and higher corn. May beans slipped a ½ cent to $10.15 ½, and November was up a ½ cent at $10.18 ½.
The advances in wheat helped to drag corn futures higher on the day. May was 2 ½ cents higher at $4.61, and December added 3 cents to $4.54.
