Crude oil shot $3.50 a barrel higher Wednesday, with apparent agreement among OPEC countries to cut production. While the prospect was supported by U.S. stock indexes and the dollar, the impact was muted in the grain markets.

Soybeans started weakening soon after the morning open, with another day of profit-taking starting to take hold at mid-morning. USDA released its latest forecast of net farm income, showing even lower profits in agriculture for 2016 than previous estimates.

Bryce Knorr of Farm Futures reporting. Farm Futures is a sister publication of Feedstuffs.