Steep declines in soyoil dragged soybean futures lower on Wednesday. Corn also fell while wheat was mainly lower.
Reports said soyoil was pressured as the U.S. Environmental Protection Agency’s biofuel blending proposal on Tuesday disappointed traders by offering little clarity on reallocating obligations under the Small Refinery Exemption program. Gains in the American dollar, following a US Federal Reserve interest rate cut today, added to the downside. November beans lost 6 cents to $10.43 ¾, and January was down 6 ¼ cents to $10.63.
Profit taking after recent gains and greenback strength helped to send corn futures lower. December was down 2 ¾ cents to $4.26 ¾, and March dropped 2 ½ cents to $4.44 ½.
In addition to the higher American dollar, wheat was weighed down by forecasts for showers in the US southern Plains, where farmers are planting the 2026 winter wheat crop. December Chicago lost 5 ¾ cents to $5.28 ¼, and December Kansas City fell 7 ¼ cents to $5.16 ¾. December Hard Red Spring was steady at $5.36 ¾, and December Minneapolis ended 2 ½ cents lower at $5.74.
