Soybean futures strengthened on Wednesday, while wheat was steady to a bit lower and corn little changed.
Soybeans were posting double digit gains to start the day session, boosted by fund short covering. However, the market’s advances cooled into the close amid farmer harvest selling. According to reports, soybean planting is now underway in Mato Grosso, the largest Brazilian production state. November beans gained 8 cents to $10.14, and January was 7 ¼ cents higher at $10.32.
Just like soybeans, corn was initially supported by fund short covering but fell back on harvest selling by farmers. December corn inched a ¼ cent higher to $4.12 ¾, and March was steady at $4.30 ¾.
Wheat was pressured by chart selling and the lack of any upward movement in Black Sea wheat prices. December Chicago was unchanged at $5.75 ¾, December Kansas City slipped 1 ½ cents to $5.78 ½, and December Minneapolis lost 4 ½ cents to $6.16 ½.
