Chicago Close: Corn, Soys Drift Lower

Corn and soybean futures continued to drift lower on Wednesday, in the wake of the previous day’s bearish USDA supply-demand update.

Soybean futures, which posted the largest losses a day earlier, posted just modest declines today as the market continued to digest the higher-than-expected 2021-22 US yield, production and ending stocks estimates in the USDA report. On the other side, the USDA this morning flashed a 330,000-tonne soybean sale to China. Unknown destinations also booked 198,000 tonnes of soybeans from private US exporters. November beans slipped 3 cents to $11.95 ¼ and January fell 4 cents to $12.06.

After double-digit losses on Wednesday, corn futures posted more of the same today as the market fell to four-week lows. As with soybeans, the USDA report raised the 2021-22 corn yield, production and ending stocks estimates from last month. December corn was down 10 ¼ cents to $5.12 ¼ and March lost a dime to $5.22.

Wheat futures ended solidly lower on the day as profit taking came forward after yesterday’s advances. December Chicago lost 15 ¼ cents to $7.18 ¾, December Kansas City closed down 18 cents at $7.21 ¾ and December Minneapolis dropped 6 ¼ cents to $9.48 ¾.

Source: DePutter Publishing Ltd.

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