Corn and soybean futures fell on Wednesday amid a continued strong US Midwest planting pace. On the other hand, wheat finished with gains.
Monday’s USDA crop progress report showed national soybean planting at 76% complete as of Sunday. That was a bit behind the average pre-report trade guess of 78%, but still 10 points ahead of last year and 8 points ahead of average. On the other hand, consultancy Datagro raised its estimate of 2024-25 Brazil soybean output to 172 million tonnes, versus its previous forecast of 171.2 million. July beans lost 14 cents to $10.48 ½, and November fell 13 ¼ cents to $10.37 ½.
For corn, the brisk planting pace outweighed a lower-than-expected initial crop condition rating. An estimated 87% of the 2025 American corn crop was planted as of Sunday, up from 78% the previous week and ahead of 81% last year and 85% on average. However, Monday’s crop progress report also pegged the national corn crop at 68% good to excellent as of Sunday, 5 points worse than the average trade guess. July corn fell 8 ½ cents to $4.51, and December was down 3 cents at $4.43 ½.
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