Wheat and corn futures closed higher on Wednesday, with early gains in soybeans eventually giving away to small losses.
Soybeans initially moved to three-month highs on continued support from optimism about the potential for additional Chinese export business. A positive NOPA crush report on Tuesday further underpinned the market. However, the gains faded amid expectations that estimates released at tomorrow’s USDA Agricultural Outlook Forum will show new-crop US soybean planted area at 85 million acres, up 3.8 million on the year if realized. The Lunar New Year holiday this week also means China likely won’t be buying any American soybeans for now. March beans eased a ½ cent to $11.33 ½, and November dropped a penny to $11.16 ½.
Corn managed minor gains amid a lack of fresh news, with the Outlook Forum projected to show a decline in American corn acres in 2026. March was up ¾ of a cent to $4.27, and December was 1 cent higher at $4.61.
Wheat drew support from renewed weather worries. A return to cold temperatures after an earlier thaw has led to ice that may damage winter wheat and rapeseed in parts of Ukraine, farmers union UAC said. US wheat planted area is expected to be shown lower from 2025 in tomorrow’s Outlook estimates. March Chicago wheat was up 9 ¼ cents to $5.47, and March Kansas City added 12 ¼ cents to $5.51. March Hard Red Spring was 8 ¼ cents higher at $5.77, and March Minneapolis closed 5 ¾ cents higher at $5.74 ¾.
