Wheat, corn and soybeans fall in Chicago on Wednesday

Major grain and oilseed contracts on the Chicago Board of Trade closed lower on Wednesday, October 7. December wheat futures fell by 2.52% to $252.24/t, corn declined by 1.18% to $197.64/t, while November soybean futures lost 0.42% and settled at $476.74/t.

Wheat came under pressure from expectations of higher US stocks. Analysts surveyed by Bloomberg expect the upcoming WASDE report to show US wheat inventories rising by 4 mln bushels to 721 mln bushels. Weekly export sales are expected in a range of 200–500 thsd tons.

Corn also moved lower ahead of updated USDA crop forecasts. Bloomberg analysts expect US corn yields to be cut by 0.7 bushels per acre to 177.8 bushels per acre, with production also revised lower. Reuters estimates weekly US corn export sales at 0.6–1.7 mln tons.

Soybean futures posted a more moderate decline. The November contract settled at $12.97½ per bushel, down 5½ cents. Traders expect USDA to slightly raise its US soybean yield estimate to 52.9 bushels per acre and increase the production forecast.

European markets also traded mostly lower. On MATIF, December wheat futures fell by 0.98% to €244.25/t, while November corn edged down to €276/t, losing 0.02%. March wheat settled at €246.75/t and March corn at €272/t. Meanwhile, December sunflower futures on SAFEX rose by 0.9%.

Tags: futures, Chicago, global market, MАTIF, corn, soybean, Grains, oilseeds, wheat