Corn and soybean futures remained under pressure on Wednesday, while wheat closed mixed.
The benchmark Chicago wheat market sank to a five-year low during the day but managed a small rebound to finish slightly higher on the day. Heavy global supplies of wheat continued to overhang the market, amid large US and Black Sea region harvests. September Chicago wheat was up a ¼ cent at $5.08 ½, and September Kansas City added 7 cents to $5.11 ½. September Chicago Hard Red spring wheat added 6 cents to $5.08, but September Minneapolis dropped 1 ¼ cents to $5.69.
Weak demand from China and losses in soymeal helped to pressure soybeans, along with large US yield expectations. September beans fell 6 cents to $9.65 ½, and November was down 6 ¼ cents at $9.84 ½.
Rising private yield estimates and expectations the USDA will revise its 2025 US national yield estimate higher in next week’s supply-demand update weighed on corn. September lost 1 ¾ cents to $3.79 ¾, and December eased ¾ of a cent to $4.01 ¼.
