Soybean futures ended higher on Wednesday as the market remained underpinned by fears for Argentina production. Corn and wheat also closed with gains.
Areas of central Argentina were battered over the weekend by heavy rain. Some multi-day accumulations of 15 inches were reported, causing flooding and raising concerns over the quality of unharvested soybean crops. Short covering ahead of the US Memorial Day long weekend boosted soybeans as well. July beans were up 9 ¾ cents to $10.62 ¾, and November added 11 ¼ cents to $10.52 ¼.
Wheat moved higher on weakness in the American dollar, which makes US supplies more attractively priced for foreign buyers. Uncertainty about Chinese production, amid extreme heat in the country’s main production region, was supportive as well, although the crop there is close to harvest. July Chicago was up 3 ¼ cents to $5.49 ¼, July Kansas City gained 4 ¼ cents to $5.40 ½, and July Minneapolis climbed 6 ½ cents to $6.04 ¼.
Corn moved higher with the gains in wheat. US forecasts still wet and cool over the northern Corn Belt for the next week, and wet and warm over the south. Most areas are now winding up planting for the season. July closed 6 ½ cents higher at $4.61, and December was up 7 cents at $4.55 ½.
