Grains and oilseeds are mostly lower on Wednesday following the overnight session. The U.S. dollar is lower. Crude oil is higher following yesterday’s losses. Stock futures are higher.
CORN
December corn is down 0.75 cents at $4.12 ¼. March corn is down 1.25 cents at $4.28.
Futures tested the September low around $4.10 on Tuesday. A lack of follow-through selling allowed prices to rebound and close 2.25 cents higher on the day. Futures may still attempt a test around the $4.07 to $4.10 area.
A Bloomberg analyst survey on Tuesday predicts that the U.S. corn harvest is 45 percent complete as of last week. Bloomberg continued to survey analysts despite the USDA suspending its weekly reports due to the government shutdown.
SOYBEANS
November soybeans are 2.25 cents lower at $10.04 ¼. January soybeans are down 1.25 cents at $10.23. Soybean oil is higher. Soybean meal is lower.
Futures began to consolidate this week following Friday’s sharp losses. Prices have been nearing the $10 psychological support area, which is still in the cards ahead of first notice day a couple of weeks from now.
In a social media post on Tuesday, President Donald Trump said he may stop trade in cooking oil with China as “retribution” for China’s large levies on U.S.-related ships docking at Chinese ports. The U.S. imported record volumes of used cooking oil from China in 2024, though imports have fallen substantially in 2025.
Additionally, the U.S. Treasury Department and EPA’s latest biofuel policy proposals reduce incentives for cooking oil imports. Still, yesterday’s post sparked a positive reaction in soybean oil overnight before fading gains ahead of Monday’s day session.
A Bloomberg survey predicts that 60 percent of the U.S. soybean harvest was complete as of last week. It’s possible that progress could be even further along, given the drier and warmer conditions.
WHEAT
December Chicago wheat is 4.50 cents lower at $4.95 ¾. KC wheat is down 4 cents at $4.84 ½. Spring wheat is down 2 cents at $5.51 ½.
Winter wheat futures popped up from their contract lows on Tuesday, with HRW wheat leading the complex higher and climbing 7.25 cents. Prices posted a key technical reversal on above-average volume.
There was a disappointing lack of follow-though buying overnight, but strong bearish sentiment could continue to limit rallies. As alluded to earlier this week, end-users have no reason to be aggressive buyers.
The same Bloomberg analyst survey expects that winter wheat planting is about 65 percent complete.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.