Soybeans slide despite bullish acreage outlook
A trio of headlines in the grain marketplace emerged in morning trading, and though corn futures haven't budged much, soybeans and wheat have tumbled in morning trading.
At midday, the March corn futures contract was 1 1/2 cents lower at $4.25 1/4 per bushel, while January soybeans are 15 1/4 cents lower at $13.19 1/2, and March wheat is 4 lower at $6.15 3/4, according to Barchart.com.
A report that the world's wheat supply is rising in the face of falling demand is behind a lower wheat market. For soybeans, private analyst firm Informa Economics released an outlook Wednesday morning showing a likely decline in U.S. soybean acres in the coming year, with more corn acres expected. Though that's fundamentally bullish for soybeans, it wasn't enough by midday to stem the slide in soybeans brought on by continued anxiety about the potential for grain shipment cancellations by China.
In other news, a report released by Rabobank Wednesday morning showed the likelihood of reduced shipping costs for U.S. goods traversing the Panama Canal. A Rabobank vice president said a 12% decrease in the cost to ship U.S. goods could result in something that's "significant to U.S. competitiveness," according to a Dow Jones Newswires report.