Chicago wheat futures lost ground on Wednesday, with prices weighed down by large global harvests, favorable weather in growing areas, and a strong U.S. dollar, analysts said.
Higher U.S. tariffs on Brazil are expected to reshape global beef trade flows, sparking increased shipments to the U.S. from countries like Mexico and Australia while Brazil seeks alternative markets, analysts said on Wednesday.
Prices for the soy complex, and corn pushed lower for the most part during the week ended Aug. 27. Terry Reilly, senior agricultural specialist for Marex, said there were a few factors behind the declines, which he expects the losses to continue.
Ukraine’s 2025 wheat harvest is forecast at a maximum of 21.8 million metric tons, down from 22.7 million tons in 2024, the UAC farmers’ union said on Wednesday, slightly raising its outlook for this year’s corn crop.
This forecast period is looking straightforward as surface high pressure and upper-level ridging looks to dominate the forecast. This should bring what looks to be an extended period of sunny skies and warm to hot temperatures.
Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.