Wheat up as U.S. rain assessed, corn and soybeans drift
Chicago wheat futures rose on Thursday, supported by concern about dryness in some U.S. wheat production regions despite some recent rain, while more wheat import demand was also seen.
Soybeans and corn were mixed as dealers awaited news about possible trade talks between China and the United States, which could restart U.S. soybean exports to China.
Chicago Board of Trade most-active wheat rose 0.6% to $5.64-3/4 a bushel at 1205 GMT. Corn fell 0.2% to $4.90-1/2 a bushel, soybeans fell 0.07% to $10.39-1/2 a bushel.
There was a risk-off mood ahead of the long Easter weekend.
"Wheat is being supported today as the market continues to assess rain in the U.S. grain belts," said Matt Ammermann, StoneX commodity risk manager.
"The forecasted rains that were hoped for in U.S. hard red winter wheat production regions continues to be less and less. Rains are forecast but they keep shifting more eastward so the need for rains in dry hard red winter areas remains."
"There are also signs of more wheat demand after a very quiet period, with a large purchase of around 600,000 (metric) tons by Algeria and Tunisia also in with a purchase tender today."
China has imposed tariffs on the United States, which traders say will stop the traditionally huge U.S. soybean sales to China for the immediate future.
But the impact of the trade war has already been factored into prices, turning market attention to other factors, analysts said.
"Corn is slightly weaker, with news lacking to feed the bullish impetus today, as U.S. weather is non-threatening to crops and output of U.S. ethanol, partly produced from corn, is also weak," Ammermann said.
"Soybeans are little changed as possible U.S.-China trade talks are awaited. There is also concern about the Trump administration's biofuel policy which could impact some biofuel plants in the U.S. Midwest."
(Reporting by Michael Hogan in Hamburg, additional reporting by Peter Hobson in Canberra; Editing by Eileen Soreng and Leroy Leo)
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