US wheat, soybean remains firm on spring crop worries; corn lower

Wheat & Soybeans

Chicago wheat edged higher on Wednesday, supported by a near three-year high for Minneapolis spring wheat, as worries about parched crops in the northern US offset supply pressure from winter wheat harvesting in the northern hemisphere.

Corn and soybeans were little changed, as the market weighed up lower than expected crop ratings in a US government report this week against favorable weather forecasts in the Midwest growing belt.

The most active wheat futures on the Chicago Board of Trade had risen 0.2 percent to $4.70 a bushel.

Spot spring wheat futures on the Minneapolis Grain Exchange (MGEX) were up 1.0 percent at $6.88-1/4, close to an earlier high of $6.90 that marked a fresh peak since July 2014.

In its weekly US crop conditions report, the US Department of Agriculture rated 40 percent of the spring wheat crop in good-to-excellent condition, down from 41 percent a week earlier and below market expectations of 41 percent.

Continued dry weather is forecast across key US growing regions, threatening further downgrades.

However, gains outside the MGEX spring wheat market were being capped by progress in winter wheat harvesting in the United States and Europe.

The most active soybean futures inched up 0.1 percent to $9.18 a bushel, while corn edged down 0.1 percent to $3.59 a bushel.

Weather forecasts calling for crop-friendly rain next week were keeping a lid on corn and soybean prices, despite the slightly lower than anticipated crop ratings in Monday's US Department of Agriculture report.

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