CBOT wheat hits highest since June 2016; corn firms, soy flat

CBOT wheat rallies on weather outlook

Wheat jumps

US wheat futures edged higher on Thursday, recouping much of the losses from the previous session, as concerns over potential yield losses from recent dry weather lent support to prices.

Strength in wheat futures also helped pull higher contracts for corn, as both can be used for livestock feed. Soybean futures were hovering near unchanged after a firm open, pressured by end-of-week profit-taking.

Reports of disappointing yields in early harvest of the Plains hard red winter wheat belt underpinned the market.

The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.43-3/4 a bushel, having closed down 0.44 percent on Wednesday. The most-active contract peaked at $4.68-1/2 a bushel, the highest since June 27, 2016.

The fluctuating weather forecasts have led to concerns that dry weather might affect the growing Wheat negatively and cause some shortfalls.

Forecaster Commodity Weather Group said that the rain outlook was still very limited in the western Dakotas and Montana during the next two weeks, which will hinder development of spring wheat in those spots.

CBOT July soft red winter wheat was last up 6-1/2 cents at $4.60-1/4 cents per bushel; K.C. July hard red winter wheat was last up 8-1/4 cents at $4.73-1/2 a bushel and MGEX July spring wheat was last up 8 cents at $6.40-1/2 a bushel. Production also was seen falling.

The most active corn futures were down 2 percent for the week, losing half of the gains from the previous week. "Just what the crops need".

Corn and Soybean followed the Wheat, but posted only moderate gains. Consolidation trade for benchmark CBOT July contract noted around 10-day moving average.

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