Chicago crop futures ended mixed on Wednesday, with wheat posting the steepest losses while corn trimmed earlier declines, and soybeans recovered to finish modestly higher.
Wheat futures led the downturn, pressured by a sharp drop in crude oil prices following news of a two-week ceasefire between the United States and Iran. The easing of geopolitical tensions removed a key source of support for commodity markets, triggering broad-based selling across grains. Additional pressure came from improving moisture prospects in parts of the U.S. Plains. May Chicago lost 17 ¾ cents to $5.80 ¼, and May Kansas City was down 12 ¼ cents at $5.95 ¼. May Hard Red Spring fell 17 ¾ cents to $6.16 ¾, and May Minneapolis finished 17 cents lower at $6.24.
Corn futures also moved lower early in the session but managed to claw back much of those losses by the close. The initial weakness stemmed from the same selloff tied to falling energy prices, which reduced support from ethanol demand expectations. However, trader positioning ahead of tomorrow’s USDA supply-demand update helped limit the downside, leaving corn futures only slightly weaker on the day. May slipped 1 ¾ cents to $4.47 ¼, and December dipped 2 cents to $4.76.
Soybean futures followed a similar early pattern but ultimately finished slightly higher. May beans were up 3 ¾ cents to $11.62, and November added a penny to $11.52.
