Corn eases from one-week high as attention turns to USDA report
CORN•Chicago corn futures fell 0.8% to $5.03-3/4 a bushel as traders awaited Friday’s USDA report and the dollar strengthened. Wheat fell 0.8%, while soybeans were nearly unchanged, up 0.04%.
1. Corn awaits USDA forecast
Corn fell from a one-week high on Wednesday, after below-expectation USDA estimates of harvest progress and crop conditions had lifted prices on Tuesday. Traders are watching Friday’s monthly World Agricultural Supply and Demand Estimates, particularly for changes to US yield estimates. Hot, dry weather over the summer and heavy September rain have added uncertainty over harvest potential.
2. Wheat and soybeans
Wheat fell 0.8% to $6.98-1/2 a bushel as traders weighed Black Sea trade disruption against signs of rising Russian exports through Baltic Sea routes. Soybeans held nearly steady at $13.03-1/2 a bushel, with attention on whether Chinese buyers seek more US supplies after their national holiday.
