6 days ago
- Business
- Business Recorder
Wheat up 1-2 cents, corn up 1-2, soybeans up 10-12
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading on Wednesday:
Wheat - Up 1 to 2 cents per bushel
Wheat futures recovered after falling to contract lows on Tuesday, pressured by lower corn prices and large global supplies.
The U.S. Department of Agriculture sharply raised its 2025 U.S. corn harvest outlook in a monthly report on Tuesday, sending prices of the grain tumbling. The pressure spilled into wheat, in part because it makes wheat less attractive as a livestock feed, analysts said.
A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Wednesday, European traders said.
CBOT September soft red winter wheat was last up 1-1/4 cents at $5.06-1/4 per bushel. K.C. September hard red winter wheat was last down 1/2 cent at $5.10-1/4 per bushel. Minneapolis September wheat was last up 1 cent at $5.78-1/4 a bushel.
Corn - Up 1 to 2 cents per bushel
Chicago corn edged higher on Wednesday, steadying after a more than 3% drop in the previous session when the U.S. Department of Agriculture shocked the market with its projection of a record U.S. crop well above trade expectations.
The USDA projected corn yields will average 188.8 bushels per acre, up from its previous forecast of 181 bushels per acre, and that farmers will harvest 16.742 billion bushels, up from its previous estimate of 15.705 billion bushels.
Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) purchased around 68,000 metric tons of animal feed corn in a private deal on Wednesday without an international tender being issued, European traders said.
CBOT December corn was last down 1-3/4 cents to $3.96-1/4 per bushel.
Soybeans - Up 10 to 12 cents per bushel
Soybean futures rose after the USDA's data on the soybean crop came in below expectations.
The agency lowered its production estimate to 4.292 billion bushels from 4.335 billion in July. It said farmers planted 80.9 million acres of soybeans this spring, compared to its July estimate of 83.4 million acres.
The USDA estimated 2025-26 soybean ending stocks will drop to 290 million bushels, compared to its July projection for 310 million. Analysts had expected an increase to 351 million.
CBOT November soybeans were last up 11-1/2 cents at $10.44-1/4 per bushel.
