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Markets

Wheat up 5-7 cents; corn, soybeans down 2-4 cents

  • Wheat futures rebounding from three straight days of declines, supported by deteriorating crop conditions in the US Plains.
  • The US Agriculture Department lowered its good-to-excellent ratings for wheat in Kansas, Texas and Oklahoma.
Published March 2, 2021
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CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) 8:30 a.m. CST (1430 GMT) on Tuesday.

WHEAT - Up 5 to 7 cents per bushel

Wheat futures rebounding from three straight days of declines, supported by deteriorating crop conditions in the US Plains.

The US Agriculture Department lowered its good-to-excellent ratings for wheat in Kansas, Texas and Oklahoma.

CBOT reported no deliveries against CBOT March wheat and 77 K.C. wheat deliveries. MGEX reported 115 March spring wheat deliveries.

CBOT May soft red winter wheat last traded up 6-3/4 cents at $6.57 per bushel. K.C. May hard red winter wheat was last up 5 cents at $6.28-1/4 a bushel and MGEX May spring wheat was last up 6-1/2 cents at $6.40.

CORN - Down 2 to 4 cents per bushel

Corn futures hit their lowest since Feb 11 overnight.

Technical buyers pulled corn from its overnight lows after benchmark CBOT May contract dropped below the low end of its 20-day Bollinger range for the first time since Dec. 7.

Private exporters reported the sale of 175,000 tonnes of corn to Japan, USDA said.

Taiwan's MFIG purchasing group bought about 65,000 tonnes of animal feed corn expected to be sourced from Argentina, European traders said.

CBOT reported no deliveries against CBOT March corn futures.

CBOT May corn was last down 2 cents at $5.36-1/4 per bushel.

SOYBEANS - Down 2 to 4 cents per bushel

Follow-through selling expected in soybeans after three straight days of declines.

CBOT May soybean futures showed strength early in the overnight session but turned lower after hitting technical resistance at 10-day moving average.

CBOT reported no deliveries against CBOT March soybean futures.

CBOT May soybeans were last down 3-1/4 cents at $13.88 per bushel.

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