Chicago corn and soybean futures edged up on Wednesday, hovering above multi-year lows as concerns over the condition of U.S. crops were offset by ample supply. Wheat futures also rose slightly but faced pressure from a rapidly advancing U.S. harvest.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $4.21-1/2 a bushel after falling to $3.99-1/2 on Friday, its lowest since 2020. CBOT soybeans rose 0.1% to $11.14-1/4 a bushel, having slumped to $10.97, also its lowest since 2020, on Monday. Wheat was up 0.3% at $5.82-1/2 a bushel after hitting a two-month low of $5.57 in June.
Meteorological models predict the western Corn Belt could face dry weather and high heat in late July or early August, potentially impacting soybean pod setting. U.S. Crop Watch producers have ongoing concerns, especially with corn. Additionally, U.S. farmers planted more corn than forecasted in March, leading to lower corn prices.
Commodity funds were net buyers of CBOT corn, soybeans, soymeal, and soyoil futures and net sellers of wheat on Tuesday. Global stocks edged higher while U.S. Treasury yields dipped, as markets weighed data showing a tight labor market and prospects of interest rate cuts after comments from Federal Reserve Chair Jerome Powell.
As trading continues, market participants are closely monitoring U.S. crop conditions and global harvest expectations to navigate the shifting landscape of grain futures.
