Wheat Falls 11¢ Lower Wednesday on Crop Rating

DES MOINES, Iowa-- On Wednesday, the CME Group's corn, soybean, and wheat futures face a sell-off to begin the day's trading session.

At the close, the May corn futures settled 1 1/4 cents higher at $3.58. May soybean futures finished 3 1/4 cents higher at $9.08. May wheat futures ended 11 cents lower at $4.63. May soy meal futures closed $0.80 short ton lower at $267.90. May soy oil futures settled $0.27 higher at $34.26. 

In the outside markets, the Brent crude oil market is $1.62 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.

Jack Scoville, The PRICE Futures Group, says that wheat is the downside leader today.

“The lower wheat market is based upon the crop conditions report last night.  It was higher than analysts' expectations and also I think below a lot of spec ideas, given the freeze and then dry weather in HRW areas,” Scoville says. 

He adds, “Corn’s holding the best. Lots of ideas of new demand, which I think is out there and ideas that we will not plant so many acres, which is probably true.”

The soybean market is trading the dollar and Brazil’s real, Scoville says.  “The real broke through 27 cents, and this was negative on the charts.”