Improving Russian production prospects sent wheat futures lower on Wednesday. Corn also finished with declines while soybeans were higher.
According to reports, Russian ag firm SovEcon revised up its estimate of the 2024 Russian crop by 3.4 million tonnes to 84.1 million amid good yield reports from the early harvest. Although yields are still expected to be down on the year, it appears they may still be better than expected in the wake of drought and damaging May frosts. The USDA is estimating the crop at 83 million tonnes. September Chicago fell 7 cents to $5.74, September Kansas City lost 8 ¾ cents to $5.83 ½, and September Minneapolis dropped 8 ¼ cents to $6.22 ¾.
Corn slipped lower with the losses in wheat, with trade volumes light ahead of the US July 4 holiday. September corn dropped 2 ½ cents to $4.05 ½, and December eased 1 ¾ cents to $4.19 ½.
Soybeans gained some traction as China has been active buyer from Brazil, with traders thinking some of the demand could eventually end up in the US as Brazilian supplies are depleted. August beans were 7 ½ cents higher at $11.57 ¾, and November added 8 ½ cents to $11.21 ½.
