Chicago wheat futures fell for the fifth straight day on Wednesday, with corn and soybeans settling mostly lower as well.
Wheat led today’s declines as fund selling continued to pressure the market despite persistently poor U.S. winter wheat conditions. Traders pointed to long liquidation and margin-related selling pressure as major factors behind the move lower. The weakness came even after Monday’s USDA crop progress report showed U.S. winter wheat conditions slipping another point to just 26% rated good-to-excellent. Spring wheat planting progress also added pressure. July Chicago dropped 13 cents to $6.22 ½, and July Kansas City lost 6 ½ cents to $6.69 ¾. July Hard Red Spring was down 6 cents at $7.09, and July Minneapolis was 11 cents lower at $6.80 ¾.
Corn futures moved lower as traders focused on improving planting progress and favourable near-term weather forecasts. The USDA reported 86% of the U.S. corn crop planted, 3 points ahead of average. July lost a nickel to $4.52 ½, and December closed down 4 ½ cents at $4.77 ½.
Soybeans finished mainly weaker as rapid planting progress and favourable weather weighed on sentiment. USDA data showed soybean planting reached 79% complete, 8 points ahead of average. July beans eased ¾ of a cent to $11.85 ¼, but November managed a 1 ¼-cent gain to $11.81 ½.
