Soybean futures rebounded Wednesday from sharp losses a day earlier, while wheat ended lower for the third straight day. Corn was modestly higher.
Soybeans were pulled lower on Tuesday by major declines in soybean oil, but soyoil managed to end with gains today, even as crude oil fell. Reports attributed some of the strength in soybeans to bargain hunting after yesterday’s declines and forecasts calling for wet weather in the US Midwest into the weekend, which is expected slow planting. July beans gained 7 ¼ cents to $11.70 ¼, and November was up 5 ½ cents at $11.65.
Corn also got a lift from the wet Midwest forecast, although gains are limited by the fact producers have already made good headway in the fields. Monday’s USDA crop progress report showed nationwide corn planting at 27% complete as of Sunday, 5 points ahead of the five-year average. July corn was up 4 cents to $4.50 ¾, and December added 3 ¼ cents to $4.72 ¾.
Wheat, which rallied strongly last week on dry conditions in the US southern Plains and southern Russia, fell amid a lack of international export demand. Forecasts for rain in the No. 1 winter wheat production state of Kansas on Saturday night and again on Sunday added to the pressure on wheat. July Chicago was down 4 cents at $5.99 ¼, July Kansas City lost 10 ¼ cents to $6.25, and July Minneapolis slipped 2 cents to $7.02 ¼.
