CBOT corn and soybeans closed lower Wednesday as wetter forecasts reduced concern about crop stress across key parts of the Midwest. December corn fell 8 3/4 cents to $4.71 3/4, while November soybeans dropped 27 1/4 cents to $11.92 3/4. Forecast rainfall from the Dakotas through the eastern Corn Belt triggered fund selling and weakened weather premiums, although strong ethanol production and improving soybean crush margins offered some underlying support.
Wheat held up better as continued Black Sea shipping disruptions offset improving Northern Plains weather. September Chicago wheat eased 1 3/4 cents to $6.60 3/4, while Minneapolis spring wheat remained near $7.00 per bushel. Attacks on regional ports and restricted export movement from Russia and Ukraine are limiting losses, with prolonged disruptions potentially redirecting global demand toward North American supplies.
