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CBOT May wheat settled up 2-1/4 cents at $4.53 a bushel after dipping to $4.50, its lowest since Jan. 26, following a 3.6 percent drop on Monday.
K.C. May hard red winter wheat ended down 1/4 cent at $4.70, while soybeans and corn were little changed.
Weekend rains on the drought-hit Plains offered some relief to the winter wheat crop.
The move is a routine bounce after steep losses, with buyers cautious because rain may help the Plains wheat crop recover. Feed wheat prices are likely to stay range-bound until crop condition data gives a clearer direction.
manitobacooperator.caGFM Network News, Julie IngwersenMar 20, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Confirms the steep Monday drop (CBOT -3.6%) and links it to weekend Plains rains easing drought concerns, though it is a next-day recap.
