Heavy global supply fears helped to send corn futures lower on Wednesday, while both soybeans and wheat finished with losses as well.
Most of today’s downward momentum in corn was attributed to Brazil consultancy Agroconsult estimating second-crop corn output in the country at a record 123.3 million tonnes. Combined with the already harvested first crop of an estimated 24.7 million, that puts total 2024-25 production near 150 million – far above the USDA’s June estimate of 130 million. Meanwhile, US weather remains conducive to a possible record-large US corn crop as well. Although temperatures are warm, the seven-day outlook contains good rainfall for both the eastern and western Corn Belt. September corn dropped 7 ¼ cents to $4.05 and December lost 6 ½ cents to $4.22 ½.
Soybeans were pressured by good Midwest weather, with some market watchers describing ‘greenhouse-like conditions’ for the American crop. August beans plunged 20 ¾ cents to $10.29 ½, and November lost 18 ½ cents to $10.18 ½.
Wheat remained under season pressure from the advancing US winter wheat harvest, as well as rising Russian production estimates. September Chicago was down 7 ½ cents at $5.44 ½, December Kansas City lost 10 ½ cents to $5.39 ¼, and December Minneapolis closed 13 ¾ cents lower at $6.25 ¼.
