Wheat futures ended higher for the fourth straight day on Wednesday, as the market remained underpinned by Black Sea war concerns. Corn was also higher on the day, while soybeans finished lower.
The wheat market has been jittery following US President Joe Biden’s weekend decision to allow Ukraine to use US-supplied missiles to strike targets inside Russia. Russia has responded by lowering the threshold for which it said it will consider the use of nuclear weapons. Reports today also said Russian farmers are planning to switch out of wheat and into alternative crops after heavy financial losses this year. Russia is the world’s No. 1 wheat exporter. December Chicago wheat gained 2 ¾ cents to $5.52 ½, December Kansas City gained 3 ½ cents to $5.61 ¾, and December Minneapolis added 5 ¼ cents to $5.92.
The advances in wheat helped to drag corn futures higher, with December up 3 cents at $4.30 ¼, and March 2 ¼ cents higher at $4.40.
Soybeans dropped on good weather in South America, poor Chinese crush margins, and continued worry about the impact of tariffs under incoming US president Donald Trump. On the other side, the USDA this morning reported a private export sale of 202,000 tonnes of US soybeans to China this for 2024/25, with another 226,200 booked for unknown destinations. January beans lost 8 cents to $9.90 ½, and March dropped 9 ¼ cents to $9.99 ¼.
