Corn and soybean futures fell on Wednesday amid a continued strong US Midwest planting pace. On the other hand, wheat finished with gains.
Monday’s USDA crop progress report showed national soybean planting at 76% complete as of Sunday. That was a bit behind the average pre-report trade guess of 78%, but still 10 points ahead of last year and 8 points ahead of average. On the other hand, consultancy Datagro raised its estimate of 2024-25 Brazil soybean output to 172 million tonnes, versus its previous forecast of 171.2 million. July beans lost 14 cents to $10.48 ½, and November fell 13 ¼ cents to $10.37 ½.
For corn, the brisk planting pace outweighed a lower-than-expected initial crop condition rating. An estimated 87% of the 2025 American corn crop was planted as of Sunday, up from 78% the previous week and ahead of 81% last year and 85% on average. However, Monday’s crop progress report also pegged the national corn crop at 68% good to excellent as of Sunday, 5 points worse than the average trade guess. July corn fell 8 ½ cents to $4.51, and December was down 3 cents at $4.43 ½.
Wheat was higher in response to lower-than-anticipated condition ratings for both the US winter and spring wheat crops. The national winter wheat crop, at 50% good to excellent as of Sunday, was down 2 points from a week earlier. Meanwhile, the spring wheat crop was rated just 45% good to excellent, with relatively poor ratings for the Montana and North Dakota crops pulling down the national average. July Chicago wheat gained 1 ¾ cents to $5.30 ¼, July Kansas City added ¾ of a cent to $5.25 ¼, and July Minneapolis climbed 7 cents to $6.03 ¼.
