Corn and soybean futures both declined on Wednesday amid less worrisome weather for the crops in Argentina. Wheat was also weaker.
Rainfall was generally lacking across much of Argentina (and southern Brazil) through most of December, offering some support for futures. However, the Buenos Aires Exchange said today that wetter weather is expected beginning around the middle of this middle of this month, which should bring relief to the core production regions. Longer-term outlooks also look wet into February. March beans dipped 2 ¾ cents to $9.94 ½, and new-crop November fell 2 ½ cents to $10.09.
Along with the Argentina forecast, the hangover from heavy amounts of US farmer selling over the past couple of weeks was also a factor in sending corn lower. March dropped 4 cents to $4.54 and December 2025 was down 1 1/4 cents at $4.45.
Wheat futures were initially higher on the day, propped up by a weaker US dollar. However, chart selling and the return of Russia to the export market after its Orthodox Christmas holiday ultimately sent the market to a lower close. March Chicago closed 6 ¼ cents lower at $5.36 ¼, March Kansas City dropped 5 ½ cents to $5.50 ¼, and March Minneapolis was down 9 ¾ cents at $5.85.
