Corn futures remained near June highs on Wednesday, while soybeans ticked a bit higher, and wheat was mixed.
Corn continued to draw support from Tuesday’s USDA supply-demand update which slashed 2024-25 US corn ending stocks by 200 million bu from last month – a much deeper cut than expected by traders and analysts. However, reports said the market stumbled trying to push through the US$4.50/bu mark, with the nearby March future eventually closing in the red. Heavy farmer selling was an undermining influence. March slipped ¾ of a cent to $4.48 ¼, and new-crop December gained 2 ¼ cents to $4.44.
Soybeans were buoyed by Chinese pricing, although good weather in South American continues to limit the upside. South American forecasts are still wet for southern Brazil and northern Argentina this weekend, with moisture spreading over northern Brazil for next week. January beans were up ¾ of a cent to $9.95 ½, and November 2025 added 4 ¾ cents to $10.14 ½.
Wheat was supported by market talk that Russia may pull back some its wheat export restrictions at the end of the current marketing year. March Chicago added 1 ½ cents to $5.63 ¼, March Kansas City gained 1 ½ cents to $5.67 ¼, and March Minneapolis was steady at $6.06 ½.
