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Chicago Close: Corn, Soybeans Mixed on Pre-USDA Positioning

Nearby corn and soybean futures closed higher on Wednesday, while the new-crop contracts ended lower. Wheat was mixed. 

Support from wheat came from news today that grain companies Cargill and Viterra plan to stop exporting grains from Russia, potentially tightening international supplies. Continued positioning ahead of Friday’s USDA grain stocks and acreage reports provided further support for wheat. May Chicago wheat gained a nickel to $7.04 ¾, while May Kansas City slipped 2 cents to $8.70 ½, and May Minneapolis dropped 4 ½ cents to $8.78. 

Trader positioning also influenced corn. The acreage report is expected to show an increase in 2023 US corn acres compared to a year earlier, with corn increasingly being seen as the more profitable choice compared to soybeans. Strong demand from China remained a supportive factor. May corn gained 3 ¼ cents to $6.50 ½, and new-crop December was down 1 ¾ cents at $5.70 ½. 

Traders and analysts expect the acreage report to show soybeans up from last year, although the gains are expected to be more modest compared to corn. May beans managed a 9 ½-cent gain to $14.77 ¼, and November lost 1 ¼ cents to $13.02 ½. 

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