Soybean futures finished in the red on Wednesday, while both corn and wheat managed gains.
Reports said the pressure on soybeans came from unease about a possible Trump victory in the US presidential election and the potential for a new trade war with China. A study released by American corn and soybean growers this week suggests a trade war would result in an immediate drop in corn and soy exports to China to the tune of hundreds of millions of tonnes. Competitors Brazil and Argentina would likely claim the lost market share, the study said. US harvest pressure added to the downside. November beans fell 11 cents to $9.80, and January was down 9 ½ cents at $9.94.
Corn was boosted by export demand. The USDA this morning reported private export sales of 332,000 tonnes of 2024-25 corn to unknown destinations, with another 1.62 million tonnes to Mexico. December was up 3 ½ cents to $4.04 ¾, and March gained 3 cents to $4.20 ½.
A slower pace to US winter wheat planting and emergence offered support to wheat. According to Monday’s USDA crop progress report, 64% of the 2025 American winter wheat crop was in the ground as of Sunday, up from 51% a week earlier but a single point behind last year and 2 points behind the five-year average. Meanwhile, an estimated 35% of the nationwide crop had emerged as of Sunday, up 10 points on the week but 1 point behind last year and 3 points back of the average. December Chicago was 5 ½ cents higher at $5.85, December Kansas City gained 5 ¾ cents to $5.88 ¾, and December Minneapolis was up 4 ½ cents at $6.20 ¾.
