Corn futures moved lower on Thursday, as traders took profits following Wednesday’s sharp post-WASDE rally and weighed improving production prospects in Brazil. Soybeans were mixed, while wheat was mainly lower.
Wednesday’s gains in corn followed the USDA’s unexpected reduction in its U.S. corn yield estimate to 180.7 bu/acre and a 137-million bu cut to projected 2026-27 ending stocks. With that bullish news largely absorbed, traders turned to profit taking.
Additional pressure came from Brazil, where Conab raise its corn production estimate to 143 million tonnes from 141.7 million previously. September was down 9 cents at $4.48 and December lost 8 ¾ cents to $4.72
Support for soybeans came from fresh export demand after the USDA reported a 125,000-tonne soybean sale to China for 2026-27 delivery. However, buying was limited following Wednesday’s gains and by the USDA’s larger U.S. production and ending-stocks forecasts. September managed a ¾-cent gain to $11.66, while November slipped a penny to $11.82 ¼.
Wheat futures were steady to lower as the market consolidated following Wednesday’s WASDE-driven advance. Profit taking offset continued underlying support from reduced U.S. wheat production and ongoing concerns about Black Sea supplies. September Chicago was steady at $6.52 ¾, and September Kansas City fell ¼ cent to $7.20 ½. September Hard Red Spring was down 3 ¾ cents at $6.78 ¾, and September Minneapolis lost 3 ¾ cents to $6.69 ¼.
