Corn futures declined while wheat and soybeans closed mixed on Wednesday, following a mostly uneventful monthly supply-demand update from the USDA.
The benchmark Chicago market fell to its lowest in 18 months as wheat continued to feel pressure from expectations the Black Sea Grain Initiative will be renewed, which will keep Ukrainian grains flowing to international markets from the war-torn country via Black Sea ports. The supply-demand update from the USDA tightened projected 2022-23 global wheat ending stocks from February but left US stocks unchanged from last month. May Chicago wheat lost 10 ½ cents to $6.87 ½, but May Kansas City was up a penny at $8.00 ¼. May Minneapolis dropped 14 ¼ cents to $8.38 ½.
Nearby May soybeans finished higher, getting a bump from a sharply downgraded Argentina production figure from the USDA. Argentina’s crop was cut to just 33 million tonnes from 41 million in February, a deeper cut than many analysts were expecting. On the other hand, new-crop beans closed lower. May soybeans were 2 ¼ cents higher at $155.17 ¾, and November lost 2 cents to $13.71 ½.
Corn was lower after the USDA raised its estimate of 2022-23 US corn ending stocks to 1.342 billion bu on a 75-million bu cut to the export forecast. May corn fell 8 ¾ cents to $6.25 ½, and December was down 9 cents at $5.58.