Corn, wheat, and soybean futures settled mostly lower on Wednesday as generally favourable Midwest weather and strength in the U.S. dollar weighed on agricultural markets.
Traders also remained cautious ahead of next week’s USDA acreage and quarterly grain stocks reports, which could produce significant revisions to crop supply expectations.
Corn futures finished lower as forecasts continued to point to mostly beneficial growing conditions across the U.S. Midwest. Adequate soil moisture, periodic rainfall and the absence of widespread extreme heat encouraged expectations for strong yield potential. The firmer U.S. dollar, trading at its highest since May 2025, added pressure. September lost 2 cents to $4.15 ¾, and December dropped 2 ½ cents to $4.34 ¾.
Wheat futures were mixed to modestly lower. The advancing U.S. winter wheat harvest continued to place seasonal pressure on prices, but some support came from a downgrade in expected Russian production, as
Consultancy SovEcon cut its estimate of 2026 production to just under 89 million tonnes from 90.3 million previously. September Chicago slipped a penny to $5.96, and September Kansas City added a ¼ cent to $6.25 ½. September Hard Red Spring eased 1 ¾ cents to $5.93 ¾, and September Minneapolis was down ¾ of a cent at $6.16 ¼.
Soybean futures closed lower after trading on both sides of unchanged earlier in the session. Favourable Midwest weather supported expectations for good early crop development, while weakness in soybean oil added further pressure. Uncertainty about future export demand also encouraged selling. August beans lost 7 ¼ cents to $11.16 ¾, and November was down 6 ¾ cents at $11.35.
