Wheat futures ended lower for the second straight day on profit taking Wednesday, while both corn and soybeans ended weaker as well.
Weather worries in both the US and Russia had pushed wheat futures higher in recent days, but traders took more money off the table today after also doing so on Tuesday. Frost and freeze threats remain for Russia, along with still overly dry conditions in the country’s Southern Region. On the other hand, the condition of the US winter wheat crop ticked higher in Monday’s crop progress report, following rain in Kansas and Oklahoma. July Chicago wheat dropped 8 ¾ cents to $6.34, July Kansas City lost 15 ½ cents to $6.48 ½, and July Minneapolis was down 16 ¼ cents to $7.02 ¾.
Farmer selling reportedly weighed on corn and soybeans, with both markets trading in the red all day. Friday’s USDA supply-demand report, which will contain the first estimates for the upcoming 2024-25 crop year, is also expected to show rising ending stocks for corn and soybeans.
July corn lost 8 ½ cents to $4.58 ½, and December was down 7 ¼ cents at $4.81 ¼. July beans dropped 18 ¾ cents to $12.27 ¾, and November was 15 cents lower at $12.13.
