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Wheat, Soybeans End Slightly Lower After Mid-Day Rise

Market weighs impact of hot weather in Midwest

Unripe Wheat

Chicago wheat and soybean futures settled slightly lower on Wednesday as forecasts for cooler weather lifted expectations for better crop conditions after this week’s hot spell, though corn edged higher.

According to Reuters, markets had been falling since Monday’s U.S. Department of Agriculture (USDA) weekly crop progress report, which showed conditions for soy and corn improved from the previous week.

Traders were still monitoring temperatures, which were set to exceed 90°F in much of the Midwest for a few days before easing.

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