Chicago | Reuters—Chicago Board of Trade corn and soybean futures hovered around multi-month lows on Thursday, with corn again notching life-of-contract lows, as favourable U.S. weather and expectations of record Brazilian crops maintained supply pressure.
Wheat fell for a fourth day as an advancing U.S. harvest and rising expectations for Russian production also kept the focus on ample global supply.
CBOT September corn settled 1 cent lower to $4.04 a bushel. It earlier fell to its lowest level since October on a continuous chart at $4.02-1/4, in the latest of a series of 2025 lows.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
“Corn’s done a lot this week, and it’s pausing ahead of this weekend,” said Dan Basse, president of AgResource.
CBOT November soybeans ended 1-3/4 cents lower at $10.27-3/4 a bushel after earlier reaching their lowest since April at $10.16. CBOT wheat settled down 7-3/4 cents to $5.36-3/4.
Brazilian farmers will produce a record 123.3 million metric tons in the second corn crop, agribusiness consultancy Agroconsult forecast on Tuesday after surveying fields in key producing regions nationwide. The country is already estimated to have harvested a record soybean crop earlier this year.
Grain markets are also turning their attention toward the U.S. Department of Agriculture’s crop progress and quarterly stocks reports due Monday.
Consultancy IKAR on Thursday raised its 2025 Russian wheat production forecast to 84.5 million metric tons from 83.8 million, joining other analysts in raising their outlook for the upcoming crop.
—Additional reporting by Gus Trompiz in Paris and Ella Cao and Lewis Jackson in Beijing
