By Kirk Maltais


-- Wheat for March delivery fell 1% to $5.29 a bushel on the Chicago Board of Trade Wednesday, declining after Tuesday's WASDE report from the USDA showed higher production outlooks for the main competing countries to U.S. wheat.

-- Corn for March delivery fell 0.9% to $4.44 1/4 a bushel.

-- Soybeans for January delivery rose 0.4% to $10.92 a bushel.


HIGHLIGHTS


Abundant Fields: CBOT wheat fell Wednesday after the USDA projected robust production of wheat globally. In its December WASDE report, the USDA said that it expects higher wheat production out of a host of places, including the EU, Russia, Argentina and Australia.

The projections for increased output look to make the ability of U.S. wheat to compete on the global stage even tougher.

"Bulls need a story, and the market isn't getting much supportive news today," said Brady Huck of Advance Trading.


Slate of Sales: The USDA reported new flash sales of soybeans and soy products, with China among the buyers. That gave soybeans support Wednesday. In a notice, the USDA said 136,000 metric tons of soybeans were sold to China for delivery in the 2025-26 marketing year.

An additional 119,000 tons of soybeans were sold to unknown destinations for 2025-26 delivery, and 120,000 tons of soybean meal were sold to Poland for delivery in 2025-26.


Quiet Period: With the holidays coming up, trading volumes are generally low, which exacerbates big moves in prices.

"I think we will see the markets chop around now a little as everyone just positions themselves to get past 2025," said Virginia McGathey of McGathey Commodities.


INSIGHT


Slimmer Chances: Agricultural lender CoBank said in its 2026 outlook that chances of a new farm bill coming to fruition are less likely in 2026. The passing of the budget bill and bill to reopen government this year modernized some components of the existing farm bill, passed in 2018.

But the overhaul that many want for agricultural regulations becomes less likely in the new year.

"The one-sided nature of the November election results likely served to refocus many elected officials on their own political fortunes," said CoBank, stating that because of this "bipartisan cooperation will become less likely as the 2026 mid-term elections approach."


Dialing it Back: Average daily production of ethanol turned lower in this week's EIA report after registering at a record high the previous week.

Average daily ethanol production for the week ended Dec. 5 was 1.105 million barrels a day, off 21,000 barrels a day from the prior week, which was a record high of 1.126 million barrels a day.

Inventories of ethanol inched lower for the week as well, falling only 1,000 barrels to 22.51 million barrels. It's a smaller-than-usual move in inventory figures, common for the end of the year.


AHEAD


-- The USDA is scheduled to release its weekly export sales report covering the week ended Nov. 13 at 8:30 a.m. EST Thursday.

-- The CFTC is due to release its Commitments of Traders Report originally scheduled for Nov. 10 at 3:30 p.m. EST Friday.

-- The USDA is scheduled to release its weekly export sales report covering the week ended Nov. 20 at 8:30 a.m. EST Monday.

-- The USDA is due to release its weekly grain export inspections report at 11 a.m. EST Monday.

-- The USDA is scheduled to release its monthly agricultural prices report at 3 p.m. EST Monday.


Write to Kirk Maltais at kirk.maltais@wsj.com


(END) Dow Jones Newswires

12-10-25 1628ET