Wheat Futures Continue to Decline on Improving Conditions

Feed and grain prices were mixed on Wednesday, with gains in the soybean complex and 2020/21 corn contracts while deferred corn futures and wheat prices fell. A survey suggesting farmers would plant more corn and wheat acres and fewer soybean acres than the United States Department of Agriculture (USDA) predicted at its Agricultural Outlook Forum last month contributed to the strength in soybean futures. The report also contributed to the selling of wheat and deferred corn contracts. However, the recent improvement in growing conditions in the U.S. Plains also pressured wheat values.

Soybean futures rose by more than 1/2 percent (May contract +9 1/2 cents per bushel) on the strength in soybean oil prices, gains in 2020/21 soybean meal contracts, and concerns about additional harvest delays in Brazil. The most…