CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday.
Wheat – Down 1 cent to up 1 cent per bushel
CBOT wheat futures were mixed, with bargain-hunting supporting prices, although much needed rain in the U.S. crop belt kept a lid on prices.
Rain forecasted over the U.S. Plains next week is expected to aid the nascent wheat crop’s growth, a note from Commodity Weather Group said.
CME Group will launch a new Black Sea wheat futures contract in June that will track export prices in Romania and Bulgaria, the financial markets operator said on Tuesday.
CBOT July soft red winter wheat was last up ¼ cent to $5.25-3/4 per bushel. K.C. July hard red winter wheat was last down 3/4 cent to $5.30-1/4 a bushel, and Minneapolis July spring wheat was last up 1-3/4 cents
to $5.94-1/2 a bushel.
Chicago wheat rises after losses, improved US weather caps gains
Corn – Down 1 cent to up 1 cent per bushel
Corn futures slid under pressure from advancing U.S. planting and the U.S.-China trade war.
Recent showers have eased drought conditions that threatened Brazil’s safrinha corn crop, while a dry spell is set to help Argentina’s crop.
Corn planting the U.S. Midwest is expected to proceed uninterrupted this week as rains peter out, an analyst note said.
China will plant four to five times more genetically modified (GM) corn this year than last, analysts and executives say, building momentum in a rollout that has been slowed by tight state controls, public scepticism and mixed trial outcomes.
Exporters sold 120,000 metric tons of corn to unknown destinations, the U.S. Department of Agriculture reported.
CBOT July corn was down 1/4 cent to $4.70 per bushel.
Soybeans – Down 9 to 10 cents per bushel
Soybeans fell as steady planting progress and rising international trade tensions weighed on prices.
Argentine farmers’ soybean sales hit the slowest pace in 11 years despite the easing of exchange controls that President Javier Milei hoped would speed soy sales up, data from the Agriculture Ministry showed on Tuesday.
CBOT July soybeans were last down 3-1/2 cents to $10.59 per bushel.
