Wheat steady-down 2 cents, corn down 3-5, soybeans mixed

CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday.

Wheat - Steady to down 2 cents per bushel

Wheat futures notched down on large global supplies and traders adjusting positions ahead of Friday’s monthly U.S. Department of Agriculture supply and demand report.

Traders are watching to see how the agency incorporates its end-June acreage and stocks estimates that included lower-than-expected figures for corn stocks and wheat planting.

Argentina’s 2026/27 harvest is projected to reach 20.5 million metric tons, the Rosario Grains Exchange said on Wednesday, an upward revision of 0.5 million tons as favorable rainfall and lower fertilizer costs expanded planting area.

The USDA reported net weekly export sales of wheat for the week ended July 2 at 313,100 metric tons.

CBOT September soft red winter wheat was down 1-1/4 cents at $6.06-1/2 per bushel. K.C. September hard red winter wheat was last 1 cent lower at $6.44-1/4 per bushel, while Minneapolis September spring wheat was last down 1/2 cent at $6.30-1/4 per bushel.

Chicago soybeans rise on China demand; wheat, corn slip ahead of USDA report

Corn - Down 3 to 5 cents per bushel

Corn fell as traders awaited USDA supply and demand data, and weather in the U.S. Midwest appeared less threatening than previously thought.

After a hot period in the U.S. Midwest worried investors in the run-up to the pollination period for corn, forecasts pointed to widespread showers and more moderate heat in the coming days in much of the grain belt.

The USDA reported net weekly export sales of corn for the week ended July 2 at 967,500 metric tons.

CBOT December corn was down 4-3/4 cents at $4.51-1/2 per bushel.

Soybeans - Up 2 to down 9 cents per bushel

Soybeans were mixed as traders awaited U.S. government crop data for further direction, analysts said.

Renewed talk of Chinese demand has supported futures in recent days, but that factor was seen as priced in following Wednesday’s confirmation by the USDA of 472,000 metric tons of U.S. soybean sales to China.

The USDA reported net weekly export sales of soybeans for the week ended July 2 at 462,600 metric tons.

CBOT November soybeans were last down 6-3/4 cents at $11.85-1/2 per bushel.