Grain and soybean futures were dragged lower on Wednesday by a dip in the commodity sector.
Crude-oil futures fell to a multimonth low on disappointing U.S. stockpile data. Grain and oilseed contracts that had risen overnight gave back those gains on Wednesday as crude prices dropped.
Spring wheat futures for July delivery soared to just short of a two-and-a-half year high, before retreating 0.1% to $6.27 1/2 a bushel at the Minneapolis Grain Exchange.
Spring wheat has recently led gains on the back of concerns that drought in parts of the northern Plains will limit this year's harvest of the wheat class, valued for its richer-protein content that makes it desirable for higher-end baked goods.
Corn and soybean futures were lower on mixed weather forecasts in key Midwestern growing regions. A recent hot and dry spell that encouraged a rally is forecast to give way to showers this week, though hot weather is expected to continue in some areas.
Analysts say traders are reluctant to push futures too far lower while risk of poorer crops due to adverse weather continues. Worse-than-expected crop ratings released by the U.S. Department of Agriculture earlier this week jolted futures higher, and traders will be looking to see evidence that improvement before entirely unwinding those bets.
Corn futures for July delivery fell 1.1% to $3.77 a bushel at the Chicago Board of Trade, while July soybean futures dropped 0.1% to $9.31 3/4.
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(END) Dow Jones Newswires
June 14, 2017 15:45 ET (19:45 GMT)