NOTE: The US Department of Agriculture is scheduled to release its monthly supply/demand reports for November at 11 a.m. CST (1700 GMT). WHEAT - Down 3 to 4 cents per bushel Lower but rangebound. Declines in global equity markets following the US presidential election weigh on commodities. Traders await the USDA's monthly supply/demand reports.
Analysts surveyed by Reuters on average expect the USDA in its monthly reports to raise its forecast of US 2016/17 wheat ending stocks.
Wheat market underpinned by the fact that commodity funds already hold a large net short position in CBOT wheat, and by worries about dry conditions in the southern US Plains.
CBOT December soft red winter wheat last down 3-3/4 cents at $4.11-1/2 per bushel; K.C. December hard red winter wheat down 4-3/4 cents at $4.12-3/4; MGEX December spring wheat down 2-3/4 cents at $5.11-1/4. CORN - Down 2 to 3 cents per bushel Lower in a technical setback after Tuesday's 2 percent climb and following declines in global equity markets. Traders await the USDA's monthly supply/demand reports due later on Wednesday. Ample grain supplies and worries about tight storage hang over the market.
Analysts surveyed by Reuters on average expect the USDA in its monthly reports to trim its estimates of US corn production and 2016/17 ending stocks.
Unseasonably mild weather around the United States is keeping pastures green and slowing feed consumption rates by livestock, exacerbating an animal feed glut that has dragged grain prices in many areas to the lowest levels in years.
CBOT December corn last down 2-1/4 cents at $3.52 per bushel.
SOYBEANS - Down 2 to 4 cents per bushel Lower on weakness in equity markets in the wake of the US presidential election, and profit-taking after a four-session climb in the January soybean contract. Analysts expect the USDA later on Wednesday to raise its estimates of US soybean production and ending stocks in its monthly supply/demand reports.
The CME Group reported 164 deliveries against the CBOT November soybean contract. * CBOT January soybeans last down 2 cents at $10.09-1/4 per bushel.