Corn and soybean futures gained on Wednesday, while wheat was mainly higher.
The strength in soybeans was attributed to slow US farmer selling, even with the harvest in full swing. American growers are reportedly hanging onto newly harvested supplies, hoping for an improvement in price that would likely come with a new US-China trade deal. Lower yield expectations also helped to underpin soybeans. The USDA’s regular monthly supply-demand update scheduled for tomorrow will be scuttled by the ongoing US government shutdown, but most traders and analysts still anticipate a yield downgrade when the next report is issued. November beans gained 7 ½ cents to $10.29 ½, and January was up 5 ¼ cents at $10.44 ¼.
Lower yield ideas also helped to buoy corn, although expectations for a still-record large US crop limited the upside. December corn gained 2 ¼ cents to $4.22, and March was 1 ½ cents higher at $4.37 ¾.
Wheat got some spillover support from the advances in corn, but a stronger American dollar and heavy global supplies were bearish influences. December Chicago managed a ½-cent gain to $5.07 ¼, and December Kansas City was 1 ¼ cents higher at $4.93 ¼. December Hard Red Spring dipped 3 ¾ cents to $5.38 ¾, and December Minneapolis added 3 ½ cents to $5.55 ½.
