Chicago wheat, corn and soybean futures edged higher on Wednesday after the U.S. Department of Agriculture released its acreage and quarterly stocks reports overnight.
The most-active wheat contract on the Chicago Board of Trade (CBOT) CBOT:ZW1! rose 0.51% to $5.92-1/4 a bushel by 0725 GMT, while corn CBOT:ZC1! climbed 0.52% to $4.38-1/4 a bushel. Soybeans CBOT:ZS1! rose 0.13% to $11.45-1/4 a bushel.
The USDA pegged U.S. wheat plantings and quarterly stocks below trade expectations, analysts said, while robust export demand also underpinned prices.
"However, a bearish tone remains, with strong production forecasts across Russia and Australia adding to an already well-supplied market," said Sean Hickey, an analyst at Bendigo Bank Agribusiness.
The USDA on Tuesday confirmed private sales of 100,000 metric tons of U.S. hard red spring wheat to Nigeria for delivery in the 2026/27 marketing year that began on June 1.
Soybeans rose despite USDA estimates showing larger-than-expected stocks and a jump in U.S. plantings, supported in part by higher crude oil prices.
Oil prices were lifted by concerns that a breakdown in talks between Iran and the United States over a final agreement to end their war could extend supply disruptions in the key Middle East producing region.
Corn futures drew support from the USDA's estimate of tighter U.S. stocks and firmer crude oil prices. Corn and soybeans can move in tandem with crude markets because of their roles in biofuel production.
Hot weather across the U.S. Midwest this week was expected to stress soybean and corn crops before easing later in the week, forecasters said.