Corn, wheat, and soybean futures all finished with losses on Wednesday.
A bearish monthly crush report from NOPA pressured soybeans. The report showed just 166.03 million bu of soybeans crushed during April, down from March and well below the 183-million bu average trade estimate heading in. It was also down 4.16% from a year ago and a three-year low for April crush. July beans dropped a penny to $12.13 ½, and November was down 4 cents at $12.01.
Corn was weighed down by a lack of fresh news and ideas that producers will be able to work between showers to advance planting in the coming days. Forecasts still suggest regular rounds of showers and thunderstorms for the Midwest throughout the next week to 10 days. However, breaks in the rain are expected. Temperatures are also expected to be warmer than normal through much of the next week. July corn fell a nickel to $4.62 ½, and December lost 4 cents to $4.87.
Wheat was undermined by reports from Russia downplaying frost and freeze damage to that country’s winter wheat crop. July Chicago fell 6 ¾ cents to $6.65 ¾, July Kansas City lost 8 ¼ cents to $6.75, and July Minneapolis closed 6 ¼ cents lower at $7.27.
