DTN Grain Close: Kansas City Wheat Futures Soar on Crop Downgrades

Maturing wheat. Photo: Blair Fannin, Texas AgriLife Extension

As wheat yield prospects continue to wilt around the world, Kansas City wheat took center stage Monday, rallying to a 30-cent gain. Corn and the other wheat markets finished sharply higher as well, while soybeans fell prey to plunging crude and vegetable oil markets, but were able to close higher.

GENERAL COMMENTS:

December corn closed up 14 cents per bushel, November soybeans finished up 4 1/4 cents, September KC wheat closed up 30 1/4 cents, September Chicago wheat settled 25 3/4 higher and September Minneapolis wheat closed up 20 cents.

The September U.S. Dollar Index is trading down 0.113 at 92.075. The Dow Jones Industrial Average is up 6.33 points at 34,941.80. December gold is up $0.90 at $1,818.10, September silver is down $0.04 at $25.51 and September copper is down $0.0660 at $4.4165. September crude oil is down $2.70 at $71.25, September heating oil is down $0.0601, September RBOB is down $0.0600 and September natural gas is up $0.020.

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