CANBERRA- Chicago corn and soybean futures steadied on Wednesday after hitting multi-week lows in the previous session as forecasts for rains in Brazil and Argentina eased concerns that dry conditions could reduce production.
Wheat futures also rose after three sessions of losses, with expectations of lower shipments from Russia in the coming months and a further downgrade for the French crop offsetting pressure from rains in the Black Sea region.
The most-active corn contract on the Chicago Board of Trade was up 0.3 percent at $4.02-1/2 a bushel, as of 0536 GMT, while CBOT soybeans rose 0.8 percent to $9.98-1/2 a bushel and wheat climbed 0.3 percent to $5.81-1/4 a bushel.
Corn and soybeans have slipped roughly 7 percent from highs around the start of the month and have been heading towards four-year lows. Wheat is down around 5 percent from its highs earlier this month.
A stronger US dollar and a pullback in oil markets this week have also pressured prices.
After a dry stretch that delayed early planting, key crop areas in South America have received good rains in recent days and forecasts call for more over the coming week.
Brazil’s crop agency Conab said it expected the country to harvest 166.05 million metric tons of soybeans in the 2024/25 season, 12.7 percent more than in 2023/24, and 119.74 million tons of corn, up 3.5 percent year-on-year.
Brazil is the world’s largest soybean exporter and a big shipper of corn.
Meanwhile, the US corn harvest was 47 percent complete by Sunday and the soybean harvest was 67 percent finished, data from the US Department of Agriculture showed on Tuesday, adding supply to the market. Both crops are expected to be very large.
