Corn futures managed small gains on Wednesday, while soybeans closed lower for the second straight day and wheat was mixed.
Both corn and soybeans rocketed higher on Friday and Monday following the USDA’s bullish monthly supply-demand update. However, the two markets cooled off on Tuesday amid profit taking and increased farmer selling at the higher prices.
Soybeans traded to both sides of unchanged without a lot of direction today. Some rain is in the forecast for tonight and into Saturday for the soybean crop in Argentina, where conditions have rapidly dried out amid the lack widespread showers and hot temperatures. This week’s rain, and showers forecast for the Jan. 22-24 period, will be critical in providing some relief for the Argentine crop but the jury remains out on how lasting any benefit might be. March beans fell 4 ¾ cents to $10.42 ¾, and November dropped 10 ¼ cents to $10.39 ¼.
Corn drew some minor support from a wet start to the early soybean harvest in Brazil, given that delays in getting the soybean crop off can mean later planting for the safrinha corn crop – something that can dent yields. March corn was 4 ¼ cents higher at $4.78 ¾, and December added a ¼ cent to $4.57.
Chicago wheat nosed higher today, while Kansas City and Minneapolis moved a bit lower. The advances in corn and a lower US dollar offered some support. March Chicago wheat was up ¾ of a cent to $5.47, March Kansas City fell 3 ¼ cents to $5.57 ½, and march Minneapolis dipped 2 cents to $5.87 ½.
