Chicago wheat futures slid for a third session with the US Hard Red Winter crop’s resilience to late spring snowstorms pulling the market lower while soybeans were virtually flat after recovering from early losses. Corn was down slightly, extending the previous day’s fall on concerns over planting delays in the US grain belt.
The market awaits the USDA’s first corn condition ratings for the season, which the government expects to release in its next weekly crop progress report on May 30.
US farm groups on Tuesday pushed back against President Trump’s proposal to slash agriculture spending, viewing it as a fresh threat to a struggling farm economy. The White House on Monday proposed $46.54 billion in cuts to federal government funding for the ag sector over the next 10 years, including limits on federal subsidies for crop insurance premiums. Congress has the final say on the government's budget and lawmakers said the president’s plan stands little chance of passing.
Oil prices steadied on Wednesday as investors waited for news from Vienna where ministers from OPEC and other exporting countries were discussing whether to extend production cuts into the first quarter of next year. Benchmark Brent Crude Oil was up 10 cents a barrel at $54.25 by 1210 GMT. US light crude oil was unchanged at $51.47.
Both crude benchmarks have gained more than 10 percent from their May lows below $50 a barrel, rebounding on a consensus that the Organization of the Petroleum Exporting Countries and other producers will maintain strict limits on oil production in an attempt to drain a global oversupply. OPEC has promised to cut supplies by 1.8 million barrels per day until June and is expected on Thursday to decide to prolong that cut by up to nine months.
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