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Grain futures were mixed on Wednesday with wheat marking a daily gain, corn remaining fairly stable, but on the green side and soybeans slipping on speculation U.S. farmers will plant more acres than the previous forecast in March.

On the Chicago Mercantile Exchange, soybeans futures for August delivery traded at $14.2288 per bushel at 8:33 GMT, marking a 0.39% daily loss. Prices ranged between days high and low at $14.2788 and $14.2225 respectively.

The U.S. Department of Agriculture will publish its planting and stocks reports on June 28. According to a Bloomberg survey among 34 analysts, U.S. farmers probably have planted 77.811 million acres of soybeans this year, up from Marchs projection of 77.126 million. Domestic output is expected to be at a record level following last years drought that hurt supplies.

Joyce Liu, an analyst at Phillip Futures Pte., said by phone for Bloomberg: “We’ll possibly see an increase in acreage for soybeans in Friday’s USDA report. The market will be positioning for the acreage report, as investors discount the outlook for higher 2013-2014 U.S. supply.”

The U.S. Department of Agriculture said in its report on Monday that as of the week ending June 23, 92% of the U.S. soybeans crop was planted, up from the previous week’s 85%. However, this is below the five-year average of 95% and last year’s 99% during the comparable week.

The agency also reported that 81% of the crop emerged up to June 23, well above the prior week’s 66%, but still below the five-year average of 89% and last year’s 98% reading.

Soybean condition is overall better this year, compared to 2012. Soybeans of “Very poor” and “Poor” quality totaled 7% of the crop, 28% was of “Good” condition and 65% was categorized as “Good” and “Excellent”. Last year’s readings stood at 15% for “Very poor” and “Poor”, 32% for “Fair” and the remaining 53% was in the premium categories.

Soybeans made a steep plunge on Monday, losing 4.66% as demand outlook was dimmed after China’s economy growth forecast was trimmed downwards once again. Goldman Sachs cut its GDP growth expectations for China to 7.4%, down from 7.8%. Projections for the 2014 and 2013 Q1 growth were also revised lower. This pushed soybean prices down as the Asian country is the world’s biggest consumer.

Wheat gains

Wheat futures gained on Wednesday, marking a 0.29% jump. Wheat for September delivery traded at $6.8738 a bushel at 8:24 GMT, ranging between days high and low at $6.8738 and $6.8413 a bushel respectively. Unlike other grains, wheat fell less during the past days, losing only 1.45% on Monday and 0.38% on Tuesday. The grain recorded a weekly gain during last week when the dollar pushed all dollar-priced commodities down, boosted by Fed’s latest statement. Wheat drew support as harvesting in the U.S. was delayed due to rains, despite ample supply forecasts from Australia, Russia and Ukraine’s Black Sea region and Europe.

According to USDA’s report, 20% of the winter wheat crop was harvested as of June 23, up from the prior week’s 11%. This, however, is well below last year’s 63% and the five-year average 37% reading.

Winter wheat condition remained almost unchanged in comparison to last week, but is worse than last year’s. As of June 23, 43% of the crop was categorized as “Very poor” and “Poor”, 25% was “Fair” and 31% “Good” and “Excellent”. Last year’s readings stood at 17% “Very poor” and “Poor”, 29% “Fair” and the remaining 44% “Good” and “Excellent”.

As for the spring wheat, the USDA said in its report that 96% of the crop was planted, compared to 92% in the previous week and below last year and the five-year average readings of 100% and 99% respectively. As of June 23, 90% of the spring wheat had emerged, 6% above the previous week, but below last year’s 100% and the five-year average reading of 97%

Corn fairly unchanged

Corn remained steady and hovered around its previous close. Corn for September delivery traded at $5.7675 a bushel at 8:32 GMT, marking a 0.03% daily gain. Prices ranged between daily high and low at $5.7638 and $5.7763. The grain crumbled around 12% on Monday, prior to USDAs report in which the agency said that 96% of the nation’s corn crop has emerged as of June 23, up from the preceding week’s 92%. This, however, was lower than the last year’s 100% during the comparable week and the five-year average of 99%.

As for the corn crop condition, quality has remained overall the same in comparison to the previous week, but a lot better than last year’s crop. As of June 23, 8% of the crop fell in the “Very poor” and “Poor” categories, 27% in “Fair” and 65% were categorized as “Good” and “Excellent”. In 2012, 14% of the crop was of “Very poor” and “Poor” quality, 30% “Fair” and the remaining 56 was “Good” and “Excellent”.

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