Corn and soybean futures ended lower on Wednesday, despite spillover support from sharp gains in crude oil, while wheat was mainly lower as well.
Crude oil climbed on renewed U.S.-Iran tensions, lending support to biofuel-linked markets, and Chicago soybean oil also posted strong gains.
Corn futures slipped as traders took profits after two days of gains this week. The rally in crude oil was supportive for ethanol-linked sentiment, but corn also remained pressured by expectations for generally favourable U.S. production prospects. September corn fell 8 ¾ cents to $11.93 ¼, and December lost 8 cents to $4.56 ¼.
Profit taking also weighed on soybeans. The USDA reported a private export sale of 472,000 tonnes of soybeans to China this morning – the largest daily amount since late last year. Traders remained focused on U.S. crop weather, export competition from South America and whether China’s recent purchases will expand into a more sustained buying program. August beans eased a ½ cent to $11.93 ¼, and November dropped 5 ½ cents to $11.92 ¼.
Wheat futures were mainly lower, with harvest pressure continuing to hang over the market. The advancing U.S. winter wheat harvest added nearby supply pressure, while traders also monitored weather conditions in other major growing regions. September Chicago was down 10 ¾ cents at $6.07 ¾, and September Kansas City lost 7 ½ cents to $6.45 ¼. September Hard Red Spring added 2 ¾ cents to $6.23 ¾, but September Minneapolis eased 2 ¼ cents to $6.30 ¾.
