Wheat, corn down 0-2 cents, soybeans down 3-5 cents
- Wheat futures near even after two days of losses that trimmed recent highs.
- Corn fell after 11 days of gains, as increased rainfall in Brazil and Argentina strengthens crop prospects and eases global supply concerns.
CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Tuesday:
WHEAT - Even to down 2 cents per bushel
Wheat futures near even after two days of losses that trimmed recent highs.
Precipitation across the US Plains in the coming week should improve planted winter wheat that suffered from dryness through the fall, adding pressure to markets.
Large speculators increased their net short position in Chicago Board of Trade wheat futures to -21,540 contracts in the week of Dec. 21, regulatory data released on Monday showed.
CBOT March soft red winter wheat last traded 1 cent lower at $6.13-1/4 per bushel. K.C. March hard red winter wheat last dropped 1-3/4 cents to $5.75-1/4 per bushel. MGEX March spring wheat was last 3/4 cents higher at $5.77-1/2 per bushel.
CORN - Even to down 2 cents per bushel
Corn fell after 11 days of gains, as increased rainfall in Brazil and Argentina strengthens crop prospects and eases global supply concerns.
The most-active CBOT March corn futures contract continued to push against the high end of its 20-day Bollinger range during overnight trading.
Large speculators raised their net long position in Chicago Board of Trade corn futures to 297,888 contracts in the week of Dec. 21.
CBOT March corn was last down 1/4 cent at $4.56-1/4 per bushel.
SOYBEANS - Down 3 to 5 cents per bushel
Soybean futures fell for a second session as talks in the ongoing Argentine labor strike look to resolve port blockages that have restricted the flow of soybeans and meal from the country.
Meetings continue on Tuesday to work out 2021 compensation packages and COVID protection measures for Argentina's oilseed workers and grain inspectors, after more than two weeks of impasse.
Large speculators raised their net long position in Chicago Board of Trade soybean futures to 178,243 contracts in the week of Dec. 21.
CBOT January soybeans last traded down 3-3/4 cents at $12.51-1/2 per bushel, while March soybeans lost 4-3/4 cents to 12.52-1/2 per bushel.
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