The most active corn contract for July delivery fell 6.75 cents, or 1.11 percent, to settle at 6.01 U.S. dollars per bushel. July wheat plunged 11 cents, or 1.68 percent, to settle at 6.42 dollars per bushel. July soybean lost 2.75 cents, or 0.19 percent, to settle at 14.1475 dollars per bushel.
CBOT agricultural markets were lower with July soybeans already trading well below the 50-, 100- and 200-day moving averages. Wheat futures continue to sag on the Plains rain. Technically, CBOT is oversold on the charts.
Chicago July wheat has reached long term downside price targets at 6.35-6.45 dollars. It is the speculative selling in soybeans that is not completed with additional downside price risk.
Stats Canada released 2023 Planting Intentions Wednesday. Canadian farmers intend to seed 19.3 million acres of spring wheat, an increase of 1.3 million acres; 5.5 million acres of soybeans, up 200,000 acres; and 21.6 million acres of canola, up 200,000 acres. Stats Canada data was bearish of wheat.
U.S. weekly ethanol production fell to 284 million gallons, as against a weekly average estimate of 299 million gallons to reach the U.S. Department of Agriculture annual forecast. U.S. ethanol stocks fell 20 million gallons to 1,021 million gallons due to lower production. However, U.S. gasoline consumption soared by 9 percent.
Additional showers are dropping across Southern Kansas and over most of Oklahoma into the evening. Some of the rain leaks into Northern Texas. The Northern Plains and Northwest Midwest hold in a dry weather flow with warming temperatures.
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