U.S. corn futures plunged to contract lows on Tuesday after the Department of Agriculture projected a record-shattering corn harvest this year as farmers planted more acres than expected and the crop faced few weather challenges this summer.
U.S. soybean futures rallied to a two-week high on Monday after U.S. President Donald Trump said he hoped China would quadruple its soybean buying from the United States and as forecasts of hot, dry U.S. weather sparked some concern about yields.
Chicago wheat, corn and soybean futures chopped up and down but ended lower on Friday as traders weighed a bounce in demand fuelled by low prices against expectations of ample supply and upcoming U.S. government crop forecasts.
Chicago Board of Trade wheat futures rebounded on Thursday after hitting a five-year low the previous day, and corn recovered from earlier contract lows as technical support and signs of new export demand countered the pressure of ample supplies, traders said.
Chicago wheat futures slipped to a five-year low on Wednesday, while corn set contract lows for the third session in a row as ample global supply hung over grain markets.
Chicago wheat futures plunged to contract lows on Tuesday to approach their lowest point since 2020 as sinking corn futures and seasonal supply pressure from Northern Hemisphere harvests weighed on the market, traders said.
Chicago Board of Trade soybean futures finished flat on Friday but notched a second consecutive weekly decline as ample global supplies, favorable U.S. weather and weak Chinese demand hung over the market.
Chicago Board of Trade soybean futures fell on Thursday to their lowest level since April on beneficial U.S. crop weather and poor demand from China, analysts said.
Chicago Board of Trade soybean futures fell for the fourth consecutive session on Wednesday, dragged down by favourable weather across the U.S. Midwest and sluggish export demand, analysts said.
Chicago corn and soybean futures fell on Tuesday for a third straight session as forecasts for cooler Midwest temperatures this week and continued periodic rains reinforced expectations for ample U.S. harvests, analysts said.