Chicago wheat futures fell on Wednesday as they gave up gains made in the previous session. This was due to the abundance of supplies coming from newly harvested crops from the Southern Hemisphere.

Prices of soybeans rose, but the increase was limited by expectations for large production in Brazil. Corn prices also rose.

One trader from Singapore said, "For the moment there is ample wheat supply on the market that keeps prices in check."

As of 0412 GMT, the most active wheat contract on Chicago Board of Trade (CBOT), fell 0.6% to $5.54-3/4 per bushel. Soybeans rose 0.5% to $9.88 per bushel, while corn rose 0.1% to $4.28-1/4 a bushel.

Prices continue to be impacted by the expectation of a bumper harvest from Australia.

U.S. Department of Agriculture reported on Monday that the winter wheat crop in the United States has improved for a 4th consecutive week after timely rains across the Plains.

The weather in Ukraine in November was generally favorable for the development and growth of winter grain crops. However, some seedlings were still underdeveloped because of the prolonged drought earlier in the season, according to state weather forecasters, cited by APK-Inform on Tuesday.

Data published on Tuesday by the European Commission shows that soft wheat exports in the European Union since the beginning of the season 2024-25 in July have reached 9.15 millions metric tons as of Nov. 24. This is down 30% compared to 13.08 million tons one year ago.

According to data from the government, exporters shipped soybeans at their fastest rate in four years following rain that raised the water level in the Mississippi River.

The Mississippi River, the nation's main grain waterway, is the source of 60% of U.S. soybean exports. Barges traveling south along the Mississippi are the primary supply for the Gulf Coast terminals.

Traders reported that commodity funds net purchased CBOT wheat and soyoil futures contracts on February 2. The funds sold futures contracts for corn, soybeans and soymeal. (Reporting and editing by Sherry Phillips, Sumana Nandy and Naveen Thkral)

(source: Reuters)