Chicago corn and soybean futures fell on Wednesday as the markets looked ahead to data on U.S. planting and grain stocks due on Thursday that could move prices.
Wheat edged lower as traders dismissed concerns that exports from top supplier Russia would be disrupted and focused instead on a plentiful supply outlook.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 1.1% at $4.28 a bushel by 1238 GMT, while CBOT soybeans Sv1 fell 0.6% to $11.92-1/4 a bushel and wheat Cv1 slipped 0.2% to $5.42-1/2 a bushel.
Ideas that U.S. corn supplies could reach multi-decade highs following the 2024 harvest have weighed heavily on corn prices.
Excessively large corn acres relative to trade estimates on Thursday could hurt chances for a spring rally, especially since large speculators have recently covered a chunk of short positions, Karen Braun, global agriculture columnist at Thomson Reuters, wrote in a column.
On the wheat market, huge amounts of cheap wheat are emerging from Russia, which expects a third consecutive large harvest this year and could set a new March shipping record of 5 million tons this month.
Ample supply is pulling prices lower and some traders expect the U.S. Department of Agriculture (USDA) to reveal a rise in inventories later this week, said Rod Baker of Australian Crop Forecasters.
Wheat advanced to $5.67 on Monday, the highest level since March 4, as a dispute between Russian authorities and a leading export company held up shipments.
Russian attacks on infrastructure in Ukraine that are leading to a slowdown in Ukraine’s maritime agricultural exports also spurred supply concerns.
Commodity funds were net sellers of CBOT corn, soybean and wheat futures contracts on Tuesday, traders said.
Ahead of a U.S. planting report on Thursday, grain market analysts predict U.S. corn and wheat plantings will fall in favour of soybeans.