Chicago Board of Trade wheat futures fell for the third day in a row to their lowest in more than seven weeks on Wednesday on expectations that US supplies will continue to struggle to gain traction on the global export market, traders said. Corn futures were close to unchanged, with pressure from the wheat market and expectations for a massive US crop counteracting any strength from bargain buying and short-covering.
Soyabeans edged higher, but concerns about the ongoing trade fight with China kept a lid on a rally. Wheat declined the most, with the benchmark CBOT December soft red winter wheat contract down 6-1/4 cents at $5.15-1/2 a bushel. Russia's agriculture ministry repeated on Thursday it had no plans to impose a tax on wheat exports, as speculation remains that the country, one of the world's largest wheat exporters, might move to limit wheat exports later in the season because of a smaller crop.
CBOT November soyabean futures were up 2-1/2 cents at $8.40-1/2 a bushel. The soyabean market is struggling against the backdrop of a trade war between the United States and top importer China that includes a 25 percent Chinese tariff imposed on US soyabeans. CBOT December corn was up 1/4 cent at $3.65-1/2 a bushel.
Closely watched private analytics firm Informa Economics on Thursday raised its 2018 US corn yield forecast to 178.8 bushels per acre from its previous estimate of 176.0 bushels per acre. It also boosted its soya yield outlook by 2.9 bushels to 52.9 bushels per acre.