Wheat futures ended lower on Wednesday, with the market continuing to pull back from its recent rally as traders positioned ahead of Friday’s USDA report Corn and soybeans also declined.
Chicago wheat saw the most pronounced weakness, dragged lower by more profit taking. Grain markets had traded higher overnight but failed to hold those gains, with traders appearing reluctant to add fresh positions before the USDA report. December Chicago fell 18 ¼ cents to $7.28 ¾, and December Kansas City lost 12 ¾ cents to $8.06 ¼. December Hard Red Spring was down 13 ¼ cents at $7.51 ¼, and December Minneapolis closed 6 cents lower at $7.48.
Corn and soybean losses were cushioned by export demand. The USDA announced Wednesday morning that exporters sold 182,880 tonnes of corn to Mexico, 340,000 tonnes of soybeans to China, and another 100,000 tonnes of soybeans to unknown destinations for 2026-27 delivery.
The market is broadly expecting further reductions to U.S. corn and soybean yield estimates, which helped limit losses in those crops.
December and March corn each dropped 5 ¾ cents to close at $5.27 ¾, and $5.43 ¼.
November and March beans were down 6 ¾ cents at $13.09 ½, and $13.31 ¾.
Surging energy prices added another layer of uncertainty. Brent crude climbed above US$100 per barrel as Middle East tensions intensified.
