Soybean futures took it on the chin on Wednesday, battered in part by continued good South American production prospects. Corn and wheat also ended lower.
Soybeans fell to around four-year lows amid record crop potential in Brazil, where the weather looks non-threatening for at least the next couple of weeks. Losses in soybean oil added to the downside, after a US Congress funding bill on Tuesday included a provision that will allow year-round sales of gasoline with a higher blend of corn-based ethanol. It is feared that development could shift some demand away from soybean oil-based alternatives like biodiesel. January soybeans plummeted 25 cents to $9.51 ¾, and new-crop November was down 23 cents at $9.65 ¾.
With strength in the US dollar, early gains in wheat faded to losses at the close. Wheat found earlier support from a downgrade in the 2025 Russia wheat production forecast. Consultancy SovEcon pegged the crop at 78.7 million tonnes, down 3 million from its previous estimate, due to poor conditions. March Chicago fell 3 ¾ cents to $5.41 ¼, March Kansas City lost 3 ¾ cents to $5.48 ¾, and March Minneapolis ended 3 cents lower at $5.92.
Corn dropped with the big losses in soybeans and US dollar strength. March fell 6 1/4 cents to $4.37 ¼, and December 2025 dropped 5 ½ cents to $4.33.
