Corn, wheat, soybeans and soybean meal futures all declined in Chicago trading today as the market absorbed fresh supply expectations and subdued demand signals.
Corn futures for December fell about 5 to 6½ cents, reflecting pressure from stronger U.S. export inspection numbers but offset by ample supply. Wheat showed mixed performance, with soft red winter wheat barely higher by a cent or two while other spring and hard red wheat contracts posted small losses. Soybeans also eased, down roughly ⅓ of a cent, pressured by rising projections for production and a slight pullback in demand. Soybean meal lagged further, dropping about 1.0% as crushers reacted to soybean’s weak start of week, though meal continues to attract attention from end users seeking value amid recent strength in related markets.
Traders are watching carefully for upcoming USDA data, especially crop reports and export activity, which could swing sentiment. Weather developments in the Midwest and key growing regions remain an important wildcard. As it stands, the market seems caught between growing supplies on one hand and hopes for steady demand on the other.
Source : Syngenta.ca