Mostly good U.S. weather weighed on corn, wheat, and soybean futures again on Wednesday, blunting the supportive influence of higher crude oil.
Corn posted a fourth straight day of losses as favourable weather across much of the U.S. Midwest continued to reinforce expectations for strong production potential. July corn fell 9 cents to $4.31 ½, and December was down 6 ¾ cents at $4.59 ¾.
Soybeans faced pressure from U.S. weather as well, although traders continue watching export prospects closely. U.S. officials said they expect China to follow through on commitments to purchase 25 million tonnes of American soybeans, though export sales data have yet to show meaningful new-crop buying activity. July beans fell 11 ¼ cents to $11.54, and November lost 10 ½ cents to $11.67 ¼.
Wheat futures also moved lower as harvest pressure built across the Northern Hemisphere. Winter wheat harvest activity has started in parts of the U.S, while abundant global supplies continue to limit export demand. July Chicago was 15 ¾ cents lower at $5.87 ¼, and July Kansas City dropped 10 ¾ cents to $6.24. July Hard Red Spring ended 11 cents lower at $6.39, and July Minneapolis was down 10 ¾ cents at $6.26 ¼.
