Wheat futures in US, Chicago strengthened on Monday

Chicago wheat futures edged higher on Monday as dry weather put Kansas City wheat at risk and an uncertain prospect for a grain deal extension supported prices, traders said. Corn also closed higher, although soybean prices fell as warm, dry weather improved planting prospects in the US, analysts said. “In the western part of the belt, where all this high-protein wheat is, it needs rain...........,” Craig Turner, commodities broker Daniels Trading, told Reuters. The USDA's weekly report says 27% of winter wheat is in good to excellent condition, up from 28% a week ago, the worst in early April. The most active Chicago Mercantile Exchange (CBOT) wheat contract edged up 3 cents at $6.78-1/2 a bushel, while May hard red winter wheat KC closed 11.5 cents higher at 8. $76 per bushel. Corn rose 10-1/2 cents at $6.54 a bushel, while soybeans lost 5-1/2 cents at $14.87-1/4 a bushel. China's Dalian Commodity Exchange said Monday it will cut the trading range for soybean meal and soybean ...