By Christopher Walljasper
CHICAGO, Apr 7 (Reuters) – Chicago wheat futures rose on Wednesday, following the rise of hard red spring wheat on the Minneapolis Grain Exchange (MGEX) on concerns that drought in the United States Great Plains States could affect the northern spring plantations.
* Corn in Chicago gained ahead of the USDA’s monthly supply and demand report on Friday, which is expected to show strong exports that would further reduce corn stocks. Soybeans, meanwhile, fell as the South American harvest progresses.
* The most active wheat contract on the Chicago Stock Exchange advanced 1.25 cents to $ 6.1675 per bushel at 1710 GMT, while May spring wheat on the MGEX rose 11.75 cents to $ 6.2275 per bushel .
* Spring wheat planting in the upper United States Great Plains and Canadian Prairie has been hampered by extreme dryness that could negatively affect yields, said Brian Hoops, senior market analyst at Midwest Market Solutions. He noted that some farmers could move away from planting wheat.
* Meanwhile, soybeans fell 10 cents to $ 14.0875 per bushel, while corn added 5 cents to $ 5.5925 per bushel.
* Brazil’s soybean crop is heading for a record yield, putting pressure on the US oilseed market despite rain delays.
* Meanwhile, US corn markets advanced due to delays in planting second-crop corn from Brazil, which could reduce yields by about 3.6% this year, Agroconsult said.
(Reporting by Christopher Walljasper, Additional Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Edited in Spanish by Manuel Farías)