Kansas Drought Boosts Wheat Futures, Soybeans and Corn Decline

Wheat futures saw a lift on Thursday as ongoing drought conditions in the Southern Plains, particularly in Kansas, the leading producer of hard red winter wheat, raise supply concerns. According to the April 18th release of the US Drought Monitor, Western Kansas remains exceptionally dry, with no significant precipitation recorded in over two weeks.

In contrast, soybean futures experienced declines, with the July contract hitting a seven-week low. Pressure stems from strong farmer sales in Brazil and a largely positive outlook for US planting conditions. Demand for corn also remains sluggish, pushing futures prices lower for the fourth consecutive day, with the July contract reaching a six-week low.

Specific Price Movements:

• May Corn: Dropped 3 ½¢, closing at $4.26 ¾ per bushel.
• Chicago May Wheat: Dipped ¼¢, closing at $5.36 ¾ per bushel. However, later-dated contracts saw slight increases.
• Kansas City May Wheat: Gained 4 ½¢, closing at $5.77 ¼ per bushel.
• Minneapolis May Wheat: Increased by 5 ½¢, closing at $6.38 ¾ per bushel. Contracts dated March 2025 and beyond remained unchanged.
• May Soybeans: Shed 15 ¼¢, closing at $11.34 ¼ per bushel.
• May Soybean Meal: Declined 70¢, closing at $338 per ton.
• May Soybean Oil: Fell 0.88¢, closing at 44.12¢ per pound.