Wheat futures rose as little rain will fall in parts of the U.S. southern Great Plains where drought has intensified. Less than an inch of rain will fall in the western 2/3 of Kansas. About 20% of the state is in an extreme drought. Little or no rain has fallen in the past 90 days in most of western Kansas, the Oklahoma Panhandle and West Texas, Crops also may have been hurt when temperatures dropped below freezing for an extended period of time earlier this month. Temperatures are also expected to jump in parts of the southern Plains.
Corn futures fell, erasing earlier gains, on speculation that farmers are accelerating seeding in the U.S., taking advantage of warmer, drier weather. Rain expected next week will again slow planting, analysts said.