Corn, wheat, and soybean futures all moved lower on Wednesday as traders locked in profits following this week’s rally tied to hopes for stronger Chinese demand for U.S. agricultural products.
Corn futures were further pressured as expectations for favourable planting weather boosted confidence in U.S. production prospects. A sharp decline in crude oil prices after U.S. President Donald Trump said negotiations with Iran were nearing a final stage also undermined the market. July lost 9 ½ cents to $4.65 ¾, and December dropped 8 ½ cents to $4.89 ¼.
Soybean futures retreated as markets became more cautious after China’s Ministry of Commerce failed to confirm White House claims that Beijing had agreed to purchase at least $17 billion annually in U.S. agricultural goods through 2028. China instead described the deal in only general terms. July beans fell 9 ¾ cents to $11.99 ¾, and November closed 9 ½ cents lower at $11.93 ½.
Wheat futures declined alongside the broader grain complex. July Chicago was down 6 ¾ cents at $6.60 ½, and July Kansas City fell a nickel to $6.98 ¾. July Hard Red Spring lost 3 ½ cents to $7.31 ¼, and July Minneapolis eased 2 cents to $6.95 ¼.
