Wheat futures managed just a mixed close on Wednesday, following a lower-than-expected U.S. winter wheat condition rating from the USDA. Meanwhile, both corn and soybeans sagged.
Released after the close on Monday, the USDA’s first weekly crop progress report for the 2026 season pegged the nationwide winter wheat crop at just 35% good to excellent as of Sunday. That was well down from 48% last year and below the average pre-report trade guess of 42%. Roughly one-half of the winter wheat was rated in very poor to poor condition in Oklahoma (54%), Texas (51%), Colorado (49%), and Nebraska (43%) due to weather extremes such as drought and sharp winter and spring temperature fluctuations. However, the market also weighed forecasts for rain in the second half of this week, which may benefit the crop. May Chicago wheat gained 2 ¾ cents to $5.98, and May Kansas City eased ¾ of a cent to $6.07 ½. May Hard Red Spring added 2 ¼ cents to $6.34 ¼, and May Minneapolis was down 3 ½ cents to $6.41.
Corn fell as the market wrestled with geopolitical uncertainty and caution ahead of Thursday’s release of the USDA’s monthly WASDE report. U.S. President Donald Trump has set a deadline of 8 pm EST for Iran to open the Strait of Hormuz, threatening major bombing if it does not. May and December corn both lost a nickel to $4.49 and $4.78.
Soybeans were also rattled by geopolitical uncertainty and positioning ahead of the USDA report, even as soybean oil rose to about a three-year high earlier in the day before fading to losses by the close. May beans dropped 8 ½ cents to $11.58 ¼, and November fell 6 cents to $11.51.
