Chicago Board of Trade (CBOT) grains futures closed higher on Wednesday with wheat jumping to its highest point for the past six weeks.
The most active corn contract for December delivery rose 1.75 cents, or 0.50 percent, to 3.54 dollars per bushel. December wheat delivery surged 7.75 cent, or 1.71 percent, to 4.615 dollars per bushel. November soybeans went up two cents, or 0.21 percent, to 9.655 dollars per bushel.
The drought in U.S. Midwest wheat belt, which will impact negatively on the winter wheat, boosted its futures at CBOT.
Analysts with the AgResource Company expect that the early harvested corn and soybean yields will be the best of the season with the later maturing crops impacted by the acute dryness across central and eastern Midwest.
In a related development, President Donald Trump unveiled a framework for tax reform on Wednesday afternoon. Secretary of Agriculture Sonny Perdue applauded the reform which will result in dramatic tax cuts for millions of Americans.
Perdue added that the proposed tax reform will prevent "too many family farms from being broken up and sold off to pay the tax bill."
The most active corn contract for December delivery rose 1.75 cents, or 0.50 percent, to 3.54 dollars per bushel. December wheat delivery surged 7.75 cent, or 1.71 percent, to 4.615 dollars per bushel. November soybeans went up two cents, or 0.21 percent, to 9.655 dollars per bushel.
The drought in U.S. Midwest wheat belt, which will impact negatively on the winter wheat, boosted its futures at CBOT.
Analysts with the AgResource Company expect that the early harvested corn and soybean yields will be the best of the season with the later maturing crops impacted by the acute dryness across central and eastern Midwest.
In a related development, President Donald Trump unveiled a framework for tax reform on Wednesday afternoon. Secretary of Agriculture Sonny Perdue applauded the reform which will result in dramatic tax cuts for millions of Americans.
Perdue added that the proposed tax reform will prevent "too many family farms from being broken up and sold off to pay the tax bill."
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