A wealth of concerns negatively affected futures prices for corn, wheat, and soybeans Wednesday.
“Funds were noted sellers in grain and soy futures today. Chart based selling, demand concerns and needed [precipitation] in the Plains also pressured wheat futures, along with strength in the U.S. dollar,” said Brian Grete of Pro Farmer. As of late afternoon, May wheat futures had dropped nearly 13 cents to $5.102.
Listen to Grete's full comments on the livestock and grain markets here:
Corn also saw a slide, with July futures falling 8 cents to $3.89. “In addition to spillover pressure from wheat, corn futures were also pressured from weekly ethanol data,” Grete explained. “Weekly ethanol production eased modestly, but ethanol stocks swelled to their highest level since 2012.”
In terms of soybeans, the South American factor was a worry today for the trade. With the Brazil’s export season now open, they are worried about cancellations of American soybean exports. News of rain bringing needed moisture to dry Brazilian fields didn’t help either. Soybean futures lost about 4 cents, landing at $9.702.
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