Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.
The most active corn contract for July delivery fell 4.75 cents, or 0.78 percent, to settle at 6.0775 U.S. dollars per bushel. July wheat lost 6 cents, or 0.94 percent, to settle at 6.3025 dollars per bushel. July soybean shed 11 cents, or 0.79 percent, to settle at 13.8825 dollars per bushel.
Profit taking ahead of U.S. three-day weekend has pulled corn, soybean and wheat futures lower. CBOT grain futures volume has not been large, and volatility keeps rising. Grain futures are a story of two steps forward and one step back as the market tries to balance tepid U.S. corn, soybean and wheat export demand, against the potential of additional new crop yield losses.
Corn, soybean and wheat futures lack export demand with Brazilian soybean and corn and Russian FOB wheat offers under pressure. Chicago-based research company AgResource holds that it is weather coming back from the three-day U.S. holiday weekend that will be so important.
The United States consumed 299 million bushels of corn in the production of ethanol last week. This was below the 307 million bushels needed per week to reach the U.S. Department of Agriculture (USDA) annual grind forecast. U.S. weekly ethanol stocks fell 30 million gallons to 934 million gallons, down 4 percent from last year. U.S. weekly gasoline consumption was 9.19 million barrels a day, up 1 percent from last year.
Widely scattered showers will dot the Plains and Delta, but it is the heart of the Midwest where a trend of limited or below normal rain persists. This is worrisome heading into July with corn pollination starting around July 10.
