Chicago | Reuters—Chicago Board of Trade (CBOT) benchmark wheat futures fell on Wednesday after ticking up in the early session as much-needed rainfall reaches key wheat-growing areas of the U.S. Plains and southern Russia.
Soybean futures climbed on spread trading, while corn drifted slightly lower on generally favourable U.S. planting conditions and a lack of market-moving news, traders said.
“Corn is going to spin its wheels for the near term,” Tom Fritz, broker at EFG Group, said.
The most-active CBOT wheat contract Wv1 settled down 4 cents at $5.99-1/4 per bushel, while CBOT soybeans Sv1 were up 7-1/4 cents at $11.70-1/4 a bushel and corn Cv1 gained 4 cents at $4.50-3/4 a bushel.
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The CBOT reported 678 contracts delivered against Chicago May wheat WK24 futures, adding downward pressure to prices. Bearish news of strong deliveries against May soyoil futures were offset by commercial stoppers.
In Argentina, a major soy exporter, oilseed sector workers lifted a two-day strike that had held up shipments of soy, corn and wheat.
Grains prices were also weighed down by lower crude oil prices that dipped on news of a potential ceasefire in Gaza, strong global competition and a strengthening U.S. dollar, Ryan Kelbrants, broker at CHS Hedging, said.
Traders are also turning their attention to upcoming spring planting weather in the U.S. Midwest for soybeans and corn, which remains largely positive though upcoming rainy weather may temporarily delay planting.
—Additional reporting for Reuters by Peter Hobson in Canberra and Nigel Hunt in London
