Wheat futures remained under pressure Wednesday, extending their recent decline amid sluggish export demand and good conditions for the American winter wheat crop.
The USDA reported Monday that U.S. wheat export inspections totalled just 183,824 tonnes during the week ended Oct. 22, down from 254,915 the previous week and 269,820 a year earlier. Additional pressure came from generally favourable conditions for U.S. winter wheat establishment. December Chicago lost 11 ¼ cents to $5.99 ½, and December Kansas City fell 7 ½ cents to $6.43. December Hard Red Spring lost 13 ¾ cents to $6.29 ½, and December Minneapolis dropped 8 ¾ cents to $6.20 ¾.
Soybean futures also finished lower, pressured by uncertainty surrounding Chinese demand. Strong U.S. harvest progress added to the negative tone. The U.S. soybean harvest was 79% complete as of Sunday, ahead of the five-year average of 77%. January beans were down a nickel at $12.36 ¾, and new-crop November was 5 ¾ cents lower at $12.05 ¾.
Corn futures, meanwhile, managed modest gains, finding some support from bargain buying following recent losses. December gained 3 cents to $4.51 ¼, and March was 2 ¼ cents higher at $4.64 ½.
