Large global supplies helped to keep the pressure on wheat futures on Wednesday, while both corn and soybeans closed with losses as well.
Reports today said Australia appears poised for a 32-25-million tonne wheat crop this year, with analysts suggesting the potential for further upside. Meanwhile, 2026 American winter wheat prospects are turning more favourable as well. More rain is forecast for the US southern Plains over the next week, which will boost soil moisture ahead of planting in September. Good conditions are expected the following week as well. December Chicago dropped 7 ½ cents to $5.24 ¼, and December Kansas City lost 4 ¾ cents to $5.13. December Hard Red Spring dropped 7 ¼ cents to $5.34 ½, and December Minneapolis fell 13 cents to $5.76 ¾.
US farmer selling of 2024-crop corn ahead of the upcoming harvest remained a bearish factor for corn, as did expected massive American production. December corn was down 3 ½ cents at $4.06, and March eased 3 ¼ cents to $4.23 ¼.
Big US crop ideas also weighed on soybeans, as did the continued absence of Chinese demand. In fact, reports today said China was digging into its reserves to supply the domestic market rather than importing from the US. November beans ticked 2 cents lower to $10.47 ½, and January lost 2 ½ cents to $10.66 ¾.
