US wheat futures rose on Wednesday, with the benchmark Chicago Board of Trade soft red winter wheat contract hitting a one-week high on concerns that rains forecast for the US Plains will not meet earlier expectations. Additionally, there was concern that it was too late for the amount of rain in the forecast to help improve harvest prospects for the drought-stressed crop.
Corn futures also firmed, following the rally in wheat, but gains were capped by outlooks for warmer weather that will allow farmers to make quick progress in planting in the coming weeks. Soyabean futures eased, with traders locking in profits from gains early in the session amid ongoing concerns about an escalating trade dispute with China cutting into exports to the world's largest buyer of the oilseed.
At 9:50 am CDT (1450 GMT), CBOT May soft red winter wheat futures were up 5-3/4 cents at $4.72 a bushel. K.C. hard red winter wheat futures were 6-1/2 cents higher at $4.87 a bushel. CBOT wheat fell 2.2 percent on Monday, capping a four session losing streak that saw prices fall nearly 30 cents. CBOT May corn was 1-1/4 cents higher at $3.81-1/2 a bushel. Traders were assessing potential fallout from a Chinese anti-dumping measure against US sorghum and how this would affect global trade in grains used in livestock feed.
China said on Tuesday it would slap a hefty anti-dumping deposit on imports of US sorghum, fuelling trade tensions between the world's top two economies. Australian sorghum prices rose on Wednesday on expectations of increased Chinese demand, while some traders said China's restrictions on US sorghum could spur more feed barley imports. CBOT May soyabean futures were 2-1/2 cents lower at $10.43-1/2 a bushel.
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