Cheaper supplies from the Black Sea region have weighed on prices in recent weeks.
This year’s rain-affected French soft wheat crop that is set to bring the smallest volume since the 1980s is also showing mixed milling quality, mainly for test weights, farm office FranceAgriMer said on Wednesday.
For soybeans, the US Department of Agriculture (USDA) raised its forecast for the 2024/25 US crop to a record level in a monthly outlook on Monday.
The lower cost of growing soy versus corn, floods in some areas and a quick winter-wheat harvest drove the US government to raise its soybean-production forecast to a record high, farmers and analysts said.
The weather outlook remained benign for corn and soybean crops in the US Midwest.
Argentina’s current 2023/24 corn harvest will likely reach 49 million metric tons, the Rosario grains exchange said on Wednesday, up about 3 percent from its previous forecast of 47.5 million tons.
Traders are monitoring drought in Ukraine, where producers warned that the corn crop could shrink by a third from last year if there is no rain relief.
Commodity funds were net buyers of CBOT soybean, soymeal, corn and wheat futures contracts on Wednesday, according to traders. They were net sellers of soyoil.
