Soybean futures closed higher on Wednesday while corn and wheat were mixed, ahead of updated monthly supply-demand estimates to be released by the USDA tomorrow.
Soybeans rebounded after touching a four-month low in the previous session, drawing support from stronger soyoil and crude oil prices. Crude oil and gasoline prices settled sharply higher today after the U.S. and Iran exchanged strikes overnight, raising concerns the conflict could escalate and further disrupt oil movement through the Strait of Hormuz. Crude later eased from its highs after Trump said the U.S. military had helped more than 200 commercial ships move through the Strait of Hormuz. Traders are expecting the USDA supply-demand update to slightly lower old-crop ending stocks from last month, with new-crop stocks holding steady. July beans added 9 ¼ cents to $11.23, and November was up 6 ½ cents at $11.38 ½.
Corn was mixed, with favourable Midwest weather limiting gains amid crude oil strength. Tomorrow’s supply-demand update is expected to trim both old- and new-crop U.S. corn ending stocks estimates from last month. July eased a ½ cent to $4.19, and December was up 1 ½ cents at $4.46 ¾.
Wheat was also mixed, as deteriorating winter wheat conditions offered support on the heels of increasing U.S. harvest pressure. Ahead of the USDA report, traders are expecting a small reduction in the 2026 U.S. winter wheat production estimate from last month. July Chicago managed a 2 ¼-cent gain to $5.87 ½, but July Kansas City slipped a ¼ cent to $6.30 ½. July Hard Red Spring fell a nickel to $6.10 ½, and July Minneapolis added a ½ cent to $6.18.
