Corn and soybean futures managed gains on Wednesday following recent losses while wheat finished in the red.
Wheat was pressured by a continued strong US dollar and improving winter wheat conditions. A monthly crop update from the USDA today pegged the crop in the No. 1 winter wheat production state of Kansas at 43% good to excellent as of the end of December, up 11 points from the last weekly crop progress report issued at the end of November. The condition of the Oklahoma crop was up 14 points from November to 67% good to excellent. Ratings in other states were mixed. March Chicago dropped 6 ½ cents to $6.00 ¼, March Kansas City fell 7 ½ cents to $6.21 ½, and March Minneapolis was down 6 ½ cents to $7.08 ½.
Corn was higher after posting losses in the previous four sessions, boosted by solid gains in crude oil. Crude drew support from expectations the Organization of the Petroleum Exporting Countries (OPEC) is set to reduce production to boost prices. March was up 1 ½ cents to $4.65 ¼, and December 2024 added a ¼ cent to $4.98 ½.
The advances in crude also helped to bolster soybeans, after the market suffered sharp declines a day earlier on improving weather for the Brazil soy crop. March beans gained 3 ½ cents to $12.77, and new-crop November was 3 ¼ cents higher at $12.25 ¼.
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