Corn and soybean futures fell on Wednesday ahead of key USDA reports to be released tomorrow, while wheat ended with advances.
Both corn and soybeans lost ground as traders adjusted positions ahead of acreage and grain stocks reports, which have jolted markets in the past. The acreage report is expected to show 2024 US corn and wheat intentions down from the previous year, while soybean acres are projected to increase year-over-year. The stocks report is projected to show March 1 national stockpiles of corn, wheat, and soybeans higher than a year earlier.
May and December corn both fell 5 ¾ cents to $4.26 ¾ and $4.62 ¼, respectively.
Pre-report positioning accounted for the small moves in wheat, with May Chicago up 4 cents at $5.47 ½, May Kansas City a penny higher at $5.78 ¼, and May Minneapolis 3 ¾ cents higher at $6.51.
