Corn futures managed a small rebound on Wednesday following deep losses a day earlier, while soybeans continued to rise. Wheat ended mixed.
Corn was reportedly buoyed by short covering in the wake of steep declines that came on the heels of Tuesday’s massively bearish USDA monthly supply-demand report. The report raised the expected 2025 US corn yield and production to new highs, with 2025-26 ending stocks rising to the highest since 2018-19. September corn gained 2 ½ cents to $3.74, and December weas up 2 ¾ cents at $3.97 ¼.
Soybeans remained underpinned by Tuesday’s supply-demand report, which raised the average US yield estimate but lowered production and tightened ending stocks on a deep cuts to planted and harvested area. However, today’s gains were more modest compared to advances of more than 20 cents/bu yesterday. September beans added 11 ¼ cents to $10.24, and November climbed 11 ½ cents to $10.44 ¼.
Wheat got some support from short covering as well, although heavy global supplies continued to overhang the market. September Chicago was up 2 ¼ cents to $5.07 ¼, and September Kansas City was down 4 cents at $5.06 ¾. September Hard Red Spring was steady at $5.18 ½, and September Minneapolis eased a ¼ cent to $5.77.
