The potential for good US spring wheat yields pressured wheat futures on Wednesday. Corn and soybeans also ended lower.
Day 1 of a three-day spring wheat tour estimated the northern North Dakota area yield at 50 bu/acre, below the 52.5 bu average for the same region last year but still above average. Profit taking also helped to take a bite out of wheat. September Chicago wheat dropped 9 cents to $5.40 ½, and September Kansas City lost 9 ¾ cents to $5.23 ½. September Chicago spring wheat was down 8 cents at $5.52, and September Minneapolis fell 3 ¾ cents to $5.88.
Losses in soybean meal spilled over to weigh on soybeans. Soymeal was under pressure on reports China will downsize its hog herd and cut back on soymeal use as a result. August beans were 4 ½ cents lower at $10.05 ¾, and November eased 2 ¾ cents to $10.22 ¾.
Corn lost ground for the third straight day on expectations of a big US harvest. September slipped ¾ of a cent to $3.98 ½, and December was down a ½ cent at $4.17 ½.
