Chicago wheat futures rose on Thursday, supported by concerns that forecasted rain will not be enough to alleviate dryness in some U.S. wheat production regions, analysts said.
With the United States weather forecast calling for rain on April 18 and 21, planting progress could come to a quick stop, said broker Scott Capinegro of AgMarket.net in Chicago.
Chicago soybean futures gained strength on Wednesday from a weaker dollar and a report that China would be open to trade negotiations with the U.S., though big supplies from South America and nearly nonexistent Chinese demand for U.S. beans continued to loom over the market, analysts said.
Chicago soybean futures fell on Tuesday, a day after hitting a seven-week high, under pressure from weak demand from top buyer China amid an escalating trade war and Brazil's bumper soybean harvest.
U.S. wheat futures fell on Monday, pressured by forecasts for improving weather in dry areas of the Plains production belt and spillover weakness as European wheat futures hit one-year lows, brokers said.
Chicago wheat futures rallied Friday as the dollar weakened against other major currencies, while corn firmed on U.S. Department of Agriculture data and soybeans climbed, unruffled by the latest hike in China's retaliatory tariffs against U.S. goods.
Chicago soybean futures extended gains on Thursday as the U.S. Department of Agriculture released its monthly supply and demand numbers, and delays to some U.S. and European Union tariffs eased concerns about U.S. crop exports.
U.S. soybean futures soared by two per cent on Wednesday while corn and wheat closed higher, rallying along with crude oil CLc1 and equity markets after U.S. President Donald Trump said he would pause the tariff increases he announced last week for most countries, even as he raised them on China.
Chicago soybean futures rose on Tuesday, bouncing back from a four-month low on technical trading, while corn and soy futures also firmed as traders turned their attention toward a U.S. Department of Agriculture data release and weather concerns, analysts said.