CHICAGO – Chicago wheat futures rose on Thursday, supported by concerns that forecasted rain will not be enough to alleviate dryness in some US wheat production regions, analysts said.
Corn futures ticked higher on a weakening dollar while soybeans fell as traders booked profits ahead of the long Easter weekend.
Dealers are continuing to await news about possible trade talks between China and the United States, which could restart US soybean exports to China. However, analysts said much of the impact of the trade war has already been factored into prices, turning market attention to other factors.
Chicago Board of Trade most-active wheat was last up 4-1/2 cents to $5.52 per bushel. Corn rose 1/4 cent to $4.84-1/2 a bushel, soybeans Sv1 fell 4-1/4 cents to $10.34-1/2 a bushel.
The US Department of Agriculture reported winter wheat conditions at 47 percent good-to-excellent on Monday, with 34 percent of the US wheat crop affected by drought as of Tuesday. Dryness concerns have made wheat futures sensitive to twists in precipitation forecasts, which currently predict major wheat-growing areas will miss out on expected rains this weekend.
While swathes of the US Plains are likely to remain too dry, heavy rain over the US corn belt have delayed seeding and boosted prices.
