Chicago corn futures fell on Wednesday, as traders awaited a U.S. Department of Agriculture release of data showing an increase in corn acres in 2025.

Wheat futures declined on the back of continued Russia-Ukraine discussions around the Black Sea and soybeans rose due to expectations that acreage will be lower this year.

At 12:05 pm, the most active corn contract traded on the Chicago Board of Trade was $4.54-3/4 a bushel down 3 cents.

They have now reached their lowest level since March 6. Soybeans rose 3-1/4 cents to $10.05 per bushel.

The most active wheat contract fell 4-3/4 cents to $5.38-1/2 per bushel after hitting lows that had not been seen since March 4.

According to analysts, on Tuesday, the USDA's annual report of planting intentions, due March 31st, showed that the average estimate for corn was 94.361 millions acres, an increase from the 90.594 million acres planted in 2020.

The average estimate of soybeans for trade was 83.762 millions acres, down from the 87.050 million acre estimate in 2024.

Midwest Market Solutions' president, Brian Hoops said that some in the industry believed this year's corn acres to be the largest ever.

Hoops said that soybean futures were supported by the possibility of a smaller harvest than expected in Brazil, but one that is still among the largest in history.

The Brazilian agricultural consultancy AgRural announced on Monday that the farmers of Brazil are ready to take over.

Produce

The soybean crop for 2024/25 is expected to be 165.9 metric tons, which is 2.3 million tonnes less than the previous forecast.

Randy Place, an analyst with Hightower Report, said that "wheat still reacts negatively to the Black Sea grain agreement tentatively agreed yesterday".

Prices were pressured by the prospect that an agreement with Ukraine and Russia would stop attacks on sea targets and energy targets and halt attacks against Black Sea navigation.

Futures were supported after Russia stated that certain conditions must be met in order to activate a Black Sea Security Agreement with Ukraine.

Place stated that the dry conditions on the southern Plains of the United States are supporting the Kansas City contract. Renee Hickman reported. Ella Cao, Mei Mei Chu and Sybille De La Hamaide contributed additional reporting from Beijing and Paris. David Gregorio edited the story.

(source: Reuters)