Corn and soybean futures ended with losses on Wednesday, ahead of the USDA’s monthly WASDE report tomorrow. Wheat was mixed, with the winter wheat contracts lower and spring wheat higher.
Soybeans suffered the biggest declines, even as an announced trade agreement between the US and China failed to generate much enthusiasm. Some reports suggest the deal contains relatively little in terms of concrete progress, with any advances only small and tentative. The WSDE report is not expected to contain any major changes for soybeans, with old- and new-crop ending stocks only seeing small revisions higher from last month. July beans fell 7 ¼ cents to $10.50 ½, and November slipped 2 cents to $10.29 ¼.
Corn declined in pre-WASDE report positioning. Trade guesses ahead of the report point to a reduction in both the 2024-25 and 2025-26 US corn ending stocks estimates compared to last month. July slipped 1 ¾ cents to $4.37, and December eased a ¼ cent to $4.39 ¾.
For wheat, analysts are expecting the USDA to revise its 2025 US production estimate higher from last month, with both old- and new-crop stocks revised higher as well. Much of the increase in production is expected to come from winter wheat. July Chicago wheat was down a ¼ cent at $5.34 ¼, July Kansas City dropped a penny to $5.26 ¼, and July Minneapolis added 4 cents to $6.17 ¼.
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