Chicago | Reuters—Chicago corn futures dipped on Wednesday as traders anticipated a U.S. Department of Agriculture data release showing a significant uptick in corn acreage in 2025.
Wheat futures fell on continuing Russia-Ukraine talks around the Black Sea, and soybeans traded near flat with expectations of lower acreage this year.
The most-active corn contract Cv1 on the Chicago Board of Trade (CBOT) settled down 6-1/2 cents at $4.51-1/4 per bushel, having reached its lowest point since March 5. Soybeans Sv1 ended down 3/4 cent at $10.01 a bushel.
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The most-active wheat contract Wv1 fell 8 cents to finish at $5.35-1/4 a bushel, having hit lows not seen since March 4.
In a Reuters poll of analysts on Tuesday, the average estimate for corn in the USDA’s planting intentions report, due March 31, was 94.361 million acres, up from the 90.594 million acres planted in 2024, according to the agency.
The average trade estimate for soybeans was 83.762 million acres, which would be down from 2024’s 87.050 million acres.
“Some in the industry believe this year’s corn acreage to be one of the largest in history,” said Brian Hoops, president of Midwest Market Solutions.
Hoops said soybean futures received support from the possibility that the harvest in Brazil could be smaller than expected, but still be one of the largest in history.
On Monday, Brazilian agricultural consultancy AgRural said the country’s farmers are set to produce 165.9 million metric tons of soybeans in the 2024/25 season, 2.3 million tons less than previously forecast.
Meanwhile, “wheat is still reacting bearishly to the Black Sea grain deal tentatively agreed to yesterday,” said Randy Place, analyst at the Hightower Report.
Prospects that agreements reached with Ukraine and Russia to secure Black Sea navigation would pause attacks at sea and on energy targets pressured prices, he said.
But futures received support after Russia said that a number of conditions must be met before a Black Sea security deal with Ukraine can be activated.
Place noted that dry conditions in the U.S. southern Plains are providing some support for Kansas City wheat.
1 acre = 0.405 hectares
—Additional reporting by Ella Cao and Mei Mei Chu in Beijing and Sybille de La Hamaide in Paris
