Wheat up 7-9 cents, soy up 6-9 cents, corn up 5-8 cents
- CBOT wheat gained overnight, boosted by strength in corn and soybeans as concerns over dryness in Europe and US spring wheat planting regions continue to provide support.
- CBOT's most-active wheat contract climbed above its 100-day moving average overnight, nearing its 50-day moving average of $6.40.
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. CDT (1330 GMT) on Wednesday.
WHEAT - Up 7 to 9 cents per bushel
CBOT wheat gained overnight, boosted by strength in corn and soybeans as concerns over dryness in Europe and US spring wheat planting regions continue to provide support.
CBOT's most-active wheat contract climbed above its 100-day moving average overnight, nearing its 50-day moving average of $6.40.
France is forecast to export 7.55 million tonnes of soft wheat exports outside of the European Union's 27 countries this season, according to Farm office FranceAgriMer, up from 7.45 million tonnes estimated last month, but 44% lower than the 2019/2020 season.
CBOT May soft red winter wheat was last up 8-1/2 cents at $6.38-1/4 per bushel. K.C. May hard red winter wheat was last up 8-1/4 cents at $5.93 per bushel. MGEX May spring wheat was last up 6-1/2 cents at $6.55-1/2 per bushel.
CORN - Up 5 to 8 cents per bushel
Corn market regained as traders worry about yields in Brazil's second-crop corn during the country's dry season, while early US planting takes a pause due to cold weather across the Midwest.
CBOT's most-active May corn contract reached $5.90 overnight, nearing the 6-1/2-year high of $5.95 set April 9.
Contracts from September 2021 to September 2022 found new life-of-contract highs overnight.
Brazilian ethanol production rose 58% last marketing year as dozens of recently built plants in the country's grain heartland ramped up production, and analysts see an annual increase of around 25% in the new season, which runs April to March.
CBOT May corn last traded up 8 cents at $5.88 per bushel.
SOYBEANS - Up 6 to 9 cents per bushel
Soybeans climbed, supported by early corn planting that could shift acres away from soybeans, at a time when soybean production is needed to keep up with global demand.
US soybean processing is expected to have jumped to 179.179 million bushels in March, propelled in part by strong demand for vegetable oils to make biofuel, according to analysts polled ahead of a National Oilseed Processors Association (NOPA) report due Thursday.
CBOT May soybeans were last up 9 cents at $13.98-1/2 per bushel.
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