Soybean futures suffered losses on Wednesday, pressured by a sharp decline in crude oil prices. Wheat futures finished modestly lower, while corn managed small gains.
Crude oil prices tumbled amid growing expectations that the U.S. could seek a diplomatic resolution to its conflict with Iran following Tuesday's U.S. midterm elections. Crude oil and gasoline prices both plummeted, with U.S. crude oil falling to a 4-week low The weakness spilled into soybean oil and the broader soybean market. Soybeans were also pressured by the advancing U.S. harvest. January beans lost 11 ¾ cents to $12.02 ¼, and November 2027 slipped 3 ¾ cents to $11.88 ¼.
Wheat remained under pressure from expectations of renewed Russia-Ukraine peace negotiations scheduled for Nov. 10-11. The prospect of reduced Black Sea shipping disruptions weighed on prices. December Chicago lost 1 ¼ cents to $5.98 ½, December Kansas City fell 3 ½ cents to $6.32 ¾, and December Minneapolis dropped 2 ¾ cents to $6.16 ¾.
Corn found some support from recent large U.S. export sales, including purchases by Mexico and South Korea. However, plentiful American supplies continued to limit the upside. December was up 1 ¾ cents at $4.44 ¼, and March gained 2 cents to $4.58 ¼.
