Wheat futures closed higher on Thursday, buoyed by continued dryness for the US winter wheat crop on the southern Plains. Corn and soybeans were higher as well.
Net drying is expected for most areas of the southern Plains over the next couple of weeks, with wind gusts as high as 60-80 mph expected tomorrow, which may further erode soil moisture levels. Strong European prices added to the upside in wheat, along with a positive weekly export sales report. The report showed bookings of US wheat for the week ended March 6 at 783,416 tonnes, the second largest of the marketing year and above trade expectations. May Chicago gained 8 ½ cents to $5.62 ½, May Kansas City was 14 ½ cents higher at $5.87 ¼, and May Minneapolis added 9 ¼ cents to $6.03 ¾.
Beans were pushed higher as Argentina's Rosario Grains Exchange lowered its outlook for the nation's 2024-25 harvest on Wednesday. The weekly export sales report showed bookings of old-crop US soybeans for the week ended March 6 at 751,651 tonnes, above trade ideas. May beans closed 10 ¼ cents higher at $10.10 ¾, and November was up 5 ¼ cents at $10.11 ¾.
Corn moved a bit higher as a lower US dollar offered some support. Old-crop bookings of US corn amounted to 967,348 tonnes, in the middle of trade expectations. May corn was 4 ½ cents higher at $4.65 ¼, and December gained 4 cents to $4.52 ¼.
