SINGAPORE: Chicago wheat futures slid for a second session on Wednesday, with the improved condition of the US crop boosting supply prospects.
Soybeans eased amid crop-friendly weather in the US Midwest, while corn ticked higher. The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.1% to $5.35-1/2 a bushel, as of 0330 GMT, and soybeans lost 0.1% to $10.39-1/4 a bushel. Corn added 0.1% to $4.39 a bushel. The US Department of Agriculture’s weekly crop progress report showed on Monday that 50% of US spring wheat and 52% of winter wheat are in good to excellent condition, exceeding analyst expectations.
Favourable US weather has also bolstered corn and soybean production prospects, keeping a lid on prices. On Tuesday, higher crude oil prices lifted the soybean complex as well as corn, given both crops’ role in the production of biofuels.
On the trade front, US President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.
Worries about demand for US soybeans from the world’s biggest oilseed consumer have hung over soybean futures. Ukraine’s 2025 grain harvest may decrease by 10% to around 51 million metric tons compared to 56.7 million metric tons in 2024, according to the most pessimistic estimates, Ukrainian agriculture minister Vitaliy Koval said.
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