Chicago Board of Trade ( CBOT) corn, and soybeans extended their losses Wednesday, while wheat declined for its sixth successive trading day to a six-year low.
The most active corn contract for May delivery lost 2.25 cents, or 0.61 percent, to close at 3.645 dollars per bushel. May wheat delivery fell 4.5 cents, or 0.99 percent, to close at 4.5125 dollars per bushel.
May soybeans decline 0.75 cents, or 0.09 percent, to close at 8.7225 dollars per bushel. Wheat futures led the declines Wednesday and analysts said that beneficial rain and snow in U.S. southern plains and Midwest continued to weigh on wheat.
Additionally, some analysts noted that expectations of bigger wheat stock also pressed the crop Wednesday as funds were anticipating that an official acreage forecast report, to be released Thursday by the U.S. Department of Agriculture (USDA), might raise its estimate for wheat inventories due to sluggish demand for U.S. wheat. Corn and soybeans were also lower amid expectations that USDA will raise estimates for inventories of the two crops, according to analysts.
Some analysts noted that the market expectations may boosted technical selling Wednesday, CBOT floor brokers reported that funds sold 9,000 contracts of corn and 3,500 contracts of soybeans before midday, said Agresource, the Chicago-based agriculture consultancy.
The ongoing soybean harvest in Brazil also exerted additional pressure on U.S. soybeans, according analysts. The U.S. Energy Information Administration said Wednesday that weekly ethanol plant production rose from 975,000 barrels per day to 994,000 till the week of Feb. 19, and the total stocks fell from 23,218,000 barrels to 23,105,000.
Analysts noted that these reports were good for corn as ethanol was mainly made from corn in the United States. USDA announced Wednesday morning 110,000 metric tons of corn were exported to Colombia during the 2015/2016 marketing year.
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