CHICAGO: Chicago Board of Trade corn and soybean futures turned lower on Wednesday as markets came under pressure from expectations of a US bumper crop, moderate weather in the Midwestern corn belt and sluggish oilseed demand, traders said. Lingering concerns over the health of the world economy and slowing Chinese demand for soybeans also pressured the market.
Meanwhile, traders began to shore up their positions ahead of Monday’s global supply-and-demand report from the US Department of Agriculture, said Karl Setzer, partner at Consus Ag Consulting. “This is the most anticipated crop report I have seen in many years,” Setzer said.
“Any tweaking of acreage is going to have a big impact.” The CBOT’s most-active corn contract gave up 0.99% to $4.01-1/4 a bushel and soybeans lost 0.68% to $10.19-3/4 a bushel by 1541 GMT. Chicago wheat futures ticked lower on pressure from corn futures and as the US dollar recovered after a massive sell-off in the wider financial markets on Monday. But downgrades to the French wheat crop and increasing global demand kept a floor under prices. CBOT’s most-active wheat contract was down 0.97% at $5.58 a bushel.
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