U.S. grain futures were mixed on Wednesday, with soybean prices extending losses from the previous session amid expectations the U.S. Department of Agriculture will upgrade its forecast for global inventories of the oilseed later in the week.
On the Chicago Mercantile Exchange, soybeans futures for March delivery traded at USD12.7313a bushel, down 0.25%. Prices of the oilseed traded in a range between USD12.6963 a bushel and USD12.7588 a bushel. The March soy contract settled 0.06% lower on Tuesday to end at USD12.7600 a bushel.
Soybean traders readjusted positions ahead of the USDA’s closely-watched monthly supply-demand and quarterly stocks report due on Friday. Many analysts expect the agency to raise its estimates for U.S. soybean production and for global soy inventories.
Prices came under additional pressure after updated weather forecasts in Argentina and Brazil pointed to crop-friendly temperatures.
Meanwhile, corn futures for March delivery traded at USD4.2713 a bushel, up 0.2%. The March contract held in a tight range between USD4.2538 a bushel and USD4.2713 a bushel. CBOT March corn settled 0.41% lower on Tuesday to end at USD4.2600 a bushel.
Market players expect the USDA will increase its estimate for global corn inventories by 0.5% to 163.2 million tonnes. The agency is also likely to raise its estimate for U.S. corn production by 0.6% to a record-high of 14.066 billion bushels
Elsewhere on the CBOT, wheat for March delivery traded at USD6.0638 a bushel, 0.65% higher. Wheat prices held in a range between USD6.0313 a bushel and USD6.0663 a bushel.
The March contract ended down 0.54% on Tuesday to settle at USD6.0240 a bushel as ongoing concerns over ample global supplies overshadowed worries over adverse U.S. weather conditions.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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