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 continuing Russia-Ukraine discussions around the Black Sea. Soybeans traded close to flat, with expectations for lower acreage in this year.

The Chicago Board of Trade's (CBOT) most active corn contract settled at $4.51-1/4 a bushel down 6 1/2 cents, its lowest level since March 5. Soybeans finished down 3/4 cents at $10.01 per bushel.

The most active wheat contract dropped 8 cents, finishing at $5.35-1/4 per bushel after hitting lows that have not been seen since March 4.

According to an agency poll conducted on Tuesday, the USDA's annual report of planting intentions, which is due by March 31, has an average estimate of 94.361 millions acres. This compares with the 90.594 million acres planted in 2020.

The average estimate of soybean acres was 83.762, which is down from the 87.050 acres estimated for 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 the history.

Brazilian agricultural consultancy AgRural announced on Monday that the country's farmers will produce 165.9 millions metric tons in 2024/25, 2.3 tons less than originally 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 pushed up by the prospect that an agreement with Ukraine and Russia would stop attacks on energy and sea targets. Futures prices were supported after Russia stated that certain conditions had to be met in order for a Black Sea Security Deal with Ukraine to be activated.

Place notes that the dry conditions on the southern Plains of America are helping Kansas City wheat. Renee Hickman reported. Ella Cao, Mei Mei Chu and Sybille De La Hamaide contributed additional reporting from Beijing and Paris. Editing was done by Aurora Ellis.

(source: Reuters)