Corn and soybean futures closed weaker on Wednesday, with wheat mainly lower.
Mostly good conditions for the South American crop continued to overhang the soy market. The USDA’s official estimate of the 2024-25 Brazilian soy crop is a new high of 169 million tonnes, but private estimates are now putting the crop at 170 million or higher. Reports suggest that international export demand is also shifting from the US to Brazil, further pressuring prices. January beans fell 8 cents to $9.83 ¾, and new-crop November lost 5 ½ cents to $10.00 ¾.
Wheat was pressured by weak demand for American supplies, but the winter wheat markets did rebound to post small advances into the close on the poor condition of the winter wheat crop in Russia due to dryness. March Chicago and Kansas City contracts each managed a ¾-cent gain to $5.48 ¼, and $5.42 ½, respectively.
Corn futures continued to drift lower on a lack of fresh news and the losses in wheat. March dipped 2 ¼ cents to $4.30 and December dropped 1 ¾ cents to $4.29.
