Wheat futures closed lower on Wednesday, with the Kansas City market seeing particularly sharp losses. Corn was steady to lower and soybeans higher.
Improving global production prospects undermined wheat. U.S. winter wheat condition ratings have improved markedly, with Monday’s USDA crop progress report – the final one for the 2024 season – putting the nationwide crop at 55% good to excellent, the highest in six years. Black Sea potential has also improved with recent rainfall, while much-needed drier weather has allowed farmers in western Europe to make up for lost planting time. December Chicago wheat slipped 1 ¾ cents to $5.37 ¾, December Kansas City plunged 24 ¼ cents to $5.26 ¼, and December Minneapolis dropped 13 cents to $5.64 ½.
Soybeans were boosted by pre-Thanksgiving Day positioning and export demand, with the USDA this morning announcing a flash sale of 132,000 tonnes of US beans to China. A weaker American dollar added to the upside. January beans were up 5 ¼ cents to $9.88 ¾, and March climbed 3 cents to $9.97.
Corn futures were pressured by the losses in wheat, although the declines in the greenback lessened the impact. Crude oil was also a bit lower today. December corn fell 4 ¼ cents to $4.15 ¾, and March was unchanged at $4.28.
The American government and US markets will be closed on Thursday for Thanksgiving, with the latter having a hard open on Friday morning for a shortened session closing at 12:05 pm CST.
