Corn and soybean futures closed lower on Wednesday, as traders booked profits following a strong recent rally. Wheat finished mixed with winter wheat contracts lower and spring wheat higher.
Corn and soybeans both pushed to fresh multi-year highs overnight before turning lower, as traders took money off the table.
The pullback came despite continuing concerns about U.S. crop potential. Corn ratings remain historically weak, while late-season heat remains a threat in parts of the Plains and western Midwest. December corn fell 2 ½ cents to $5.43 ½, and March was down 2 cents at $5.58 ¼.
Soybeans similarly succumbed to profit-taking after reaching their highest levels in roughly three years. On the other side, the USDA reported a fresh 200,000-tonne soybean sale to China, suggesting demand remains supportive beneath the market. November beans lost 7 ½ cents to $13.10 ¼, and March was down 6 ¾ cents at $13.30 ½.
For wheat, reports of easing Russian export duties added some pressure, although Black Sea shipping disruptions continued to underpin the broader market. Tighter production concerns and yield uncertainty lent some support to the spring wheat markets. December Chicago was down 8 ½ cents at $7.74, and December Kansas City fell 11 cents to $8.34 ¼. December Hard Red Spring managed a 1 ¼-cent gain to $7.85, and December Minneapolis added 5 ¼ cents to $7.82.
