CBOT soy, corn extend losses as US harvest gathers pace
CORN•Chicago soybean and corn futures extended losses as funds sold long positions and US farmers advanced harvesting of large crops. Soybeans fell 0.02% to $12.48 a bushel and corn slid 0.11% to $4.61-1/2; wheat dropped 0.31% to $6.41-1/4.
1. Harvest weighs on prices
Soybean and corn futures fell on Wednesday as funds liquidated long positions and US farmers stepped up harvesting. Favourable Midwest harvest weather through at least the end of the week added pressure, despite renewed Chinese demand confirmed by the US Department of Agriculture.
2. Crop progress and outlook
US farmers had harvested 64% of the soybean crop and 44% of the corn crop, both below trade expectations. Winter wheat planting was 63% complete, below analysts’ expectations of 65%. Wheat futures fell to a more-than-two-month low as drier US conditions were expected to accelerate planting and global stocks remained robust.
3. Brazil planting advances
Brazilian farmers had planted 26% of the projected area for the 2026/27 soybean crop, up from 15% a week earlier and above 24% a year ago. Commodity funds were net sellers of CBOT corn, soybeans and wheat on Tuesday.
