Corn and soybean futures closed lower on Wednesday as a stronger U.S. dollar, harvest pressure, and lingering concerns about burdensome supplies weighed on prices. Wheat futures ended mixed.
The U.S. dollar rallied sharply following a stronger-than-expected inflation report, making American agricultural commodities more expensive for foreign buyers. U.S. consumer prices rose 3.7% annually in September, raising expectations that the Federal Reserve may increase interest rates again later this month.
Corn also remained under pressure from last Friday's bearish USDA supply and demand report, which unexpectedly raised the national yield estimate and increased projected 2026-27 ending stocks. December corn fell 2 cents to $4.80 ¾, and March dropped 2 ¼ cents to $4.94 ¼.
Soybean futures also weakened as harvest activity continued across the Midwest, even as China returned as a buyer of American beans. The USDA confirmed a private export sale of 470,000 tonnes of soybeans to China this morning for 2026-27. Meanwhile, the USDA reported Monday that 46% of the national soybean crop was harvested as of Sunday, up from 25% a week earlier. November beans lost 6 ½ cents to $12.77 ¼, and March fell 8 ½ cents to $13.00.
Wheat futures finished mixed, with the stronger dollar and ample global supplies limiting upward momentum. However, concerns about Black Sea exports amid the ongoing Russia-Ukraine conflict continued to provide underlying support. December Chicago was up 4 cents to $6.73 ¼, while December Kansas City added 2 ¾ cents to $7.15. December Hard Red Spring was steady at $7.00 ½, and December Minneapolis lost 4 cents to $6.90.
