The most active corn contract for December delivery was down 1.25 cents, or 0.36 percent, to United States dollars 3.425 per bushel.
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CHICAGO-Grain and soybean futures fell Wednesday, pressured by favorable Midwest weather and ongoing expectations that USA farmers will harvest bumper corn and soybean crops this year.
Soybean conditions were stable this week with 72% in good or better condition, unchanged from last week and 9 percentage points above last year’s pace.
US soybeans dipped on Wednesday for a second session, while wheat was mixed, as both crops were weighed down by abundant harvest prospects in key countries. “Crop scouts have described yields from the eastern and western legs of the tour so far as “inconsistent”, said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Market talk about USA corn yields and demand for US corn is making the rounds. “Results from the remainder of the tour will be closely watched”.
Tour scouts were likely to measure even bigger pod counts in Iowa and IL on Wednesday, said Gary, adding that he does not see any price boost for the oilseed in the near term.
Prices for corn closed lower despite disappointing yield reports from scouts on an annual crop tour through the Midwest, who on Monday traversed fields in OH and South Dakota to size up crops in the area.
Most-active Chicago December wheat futures turned slightly higher, up 1/2 cent at $4.28 a bushel, after touching $4.23-1/4 in earlier trade, the lowest since August 17. Wheat remains under pressure after a Canadian government agency said on Tuesday the country, a major exporter, is expected to field its second largest wheat crop in 25 years.Meanwhile in Ukraine analyst UkrAgroConsult raised its forecast for the country’s 2016 wheat harvest to 26 million tonnes, 1 million tonnes higher than a month earlier, it said on Tuesday.
Grains prices at 0341 GMT Cont Last Chan Pct Two- MA RSI ract ge chg day 30 chg CBOT 427.
Weekly rain totals varied from 0.62 inches at Orange City and 0.65 inches at Iowa City Airport to 4.14 inches at Lowden. The overnight rainfall brought 0.5 to 1.5 inches of rain to nearly all of Iowa, but largely missed east central Iowa where heavy rain fell the previous night.
CBOT September wheat fell 3 3/4 cents, or 0.9%, to $4.04 a bushel.
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Most active contracts Wheat, corn and soy United States cents/bushel.
