Chicago Close: Cold Weather Worries Support

Worries about potential cold weather damage lifted corn, wheat and soybean futures on Thursday.

Frost and freezes were already reported this morning in several areas of the U.S., including the Red River Valley, portions of the Ohio Valley and the northern Plains. With even colder weather expected to arrive over the weekend, there are fears newly seeded crops may suffer damage. In general, however, Midwestern corn and soybean growth has been limited by below-normal temperatures, reducing susceptibility of emerged plants to freeze injury. Corn was further lifted as the USDA reported a private export sale of 686,000 tonnes of U.S. corn to China this morning. July corn closed up 3 ¾ cents at $3.18 and December was 2 ¾ cents higher at $3.34.

Weather forecasts also supported soybean futures, with weekly export sales reported by the USDA this morning generally within pre-report trade guesses. July soybeans added 11 ¾ cents o $8.44 ¼ and November was up 9 cents at $8.48 ¼.

Worries the cold weather may also impact developing Soft Red winter wheat crops in the Midwest boosted wheat. Weekly wheat bookings were also within expectations. July Chicago wheat was a nickel higher at $5.22 ½, July Kansas City added 1 ¼ cents to $4.78 ¾ and May Minneapolis gained 3 ¼ cents to $5.11

Live cattle futures were higher today. Lean hogs ended lower.

Source: DePutter Publishing Ltd.

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