Corn managed small gains on Wednesday, while soybeans slipped further. Wheat was mainly lower.
Wheat remained under pressure from heavy global supplies and the ongoing Russia-Ukraine peace talks, with the benchmark Chicago market setting a fresh eight-week low after retreating from small gains earlier in the session. The USDA reported a private export sale cancellation of 132,000 US white wheat to China this morning. March Chicago wheat fell 3 ¼ cents to $5.06 ¼, and march Kansas City was down 3 ¼ cents at $5.06 ¼. March Hard Red Spring slipped 1 ¾ cents to $5.47 ¼, and March Minneapolis closed 3 cents lower at $5.62.
Soybeans declined even as the USDA reported a couple of private export sales of 198,000 tonnes of soybeans to China and 125,000 tonnes to unknown destinations this morning. Uncertainty over Chinese buying continued to be a negative market factor. March beans lost 3 cents to $10.68 ¾, and November 2026 fell 5 ¼ cents to $10.75.
Corn got a lift from record ethanol production. EIA data from this morning showed another record ethanol corn grind for the week ending on Dec. 12, up 26,000 barrels per day on the week to 1.131 million bpd. March corn added 4 cents to $4.40 ½, and December was a penny higher at $4.60 ½.
