Corn futures managed gains on Wednesday, while both wheat and soybeans ended in the red.
Corn drew some support from export demand, with the USDA this morning reporting a private export sale of 130.320 tonnes of American corn to unknown destinations for 2024-25. Fund buying following a Bureau of Labor Statistics report showing hotter-than-expected US inflation also helped to boost corn. March corn gained 6 ¼ cents to $4.90 ¼, and December added 3 ¼ cents to $4.73 ½.
Soybeans posted double-digit declines, even as a private export sale of 120,000 tonnes to unknown destinations for 2024-25 was announced by the USDA this morning. The advancing Brazilian harvest and Improving weather for Argentina helped to push the market lower. Regular rounds of showers and thunderstorms will occur through the next week in central and northern Argentina, although the southern production regions will be drier. March beans fell 15 ¾ cents to $10.27 ¾, and November lost 11 ½ cents to $10.44.
Wheat traded to both sides of unchanged during the day, getting some support from strength in corn but ending a bit weaker on lower EU values. March Chicago wheat dropped 2 ¾ cents to $5.74 ¼, March Kansas City lost 1 ¼ cents to $5.91 ½, and March Minneapolis was down 3 ½ cents at $6.14 ¾.
