By Kirk Maltais


-- Wheat for July delivery fell 0.7% to $6.53 a bushel on the Chicago Board of Trade Wednesday, with traders profit-taking after finding its highest level in nearly two years Tuesday.

-- Corn for July delivery rose 0.5% to $4.78 a bushel.

-- Soybeans for July delivery rose 0.7% to $11.97 3/4 a bushel.


HIGHLIGHTS


Locking In: CBOT wheat futures slid Wednesday after posting a strong 4.5% gain Tuesday, with traders seen locking in profits ahead of the Federal Reserve's rate decision at 2 p.m. EDT. The Fed left rates unchanged, but four governors dissented to the decision, and three objecting to Fed guidance about easing bias. The Fed decision sent many commodities lower after its release.

Still at a Stop: Before being weighed down this afternoon, CBOT grain futures rose on war-related risk premium. President Trump posted on his Truth Social account this morning that "Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" The post was accompanied by an AI rendering that reads: "NO MORE MR. NICE GUY" and showed Trump carrying an AR-15-style rifle.

"Overall crude/commodities/fertilizer concerns continue amid the fog of war," said Matt Zeller of StoneX in a note.


INSIGHT


On the Sidelines: While some farmers out west are stuck with parched soil and tough drought conditions, in the east other farmers aren't able to get into their fields to plant this week, said Matt Bennett of AgMarket.net.

"On Monday, we had 2-4 1/2 inches with the heaviest amounts where we haven't planted yet, so it's going to take a little time," Bennett, who farms in central Illinois, said in a note.

Big Cut: Inventories of ethanol in the U.S. fell by more than 1 million barrels versus the prior week, according to data from the EIA.

U.S. ethanol stocks for the week ended April 24 totaled 25.88 million barrels, down 1.07 million barrels from the prior week and below the low end of analyst forecasts. Analysts surveyed by Dow Jones forecast inventories anywhere from 26 million barrels to 27.2 million barrels this week.

The EIA also cut its outlook for average daily production of ethanol for the week, down 29,000 barrels a day to 1.009 million barrels a day.


AHEAD


-- The USDA is scheduled to release its weekly export sales report at 8:30 a.m. EDT Thursday.

-- The USDA is due release its monthly agricultural prices report at 3 p.m. EDT Thursday.

-- The USDA is scheduled to release its monthly grain crushings report at 3 p.m. EDT Friday.

-- The CFTC is due to release its weekly Commitments of Traders Report at 3:30 p.m. EDT Friday.


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


(END) Dow Jones Newswires

04-29-26 1533ET