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Markets

CBOT Trends - Wheat, corn down 5-10 cents; soy down 9-12 cents

  • Benchmark CBOT May soft red winter wheat hit technical resistance overnight at its five-day moving average. Support was noted at its 20-day moving average.
  • Corn seen lower in profit-taking setback after rising 1.3% on Tuesday.
Published March 3, 2021

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 Wednesday.

WHEAT - Down 5 to 10 cents per bushel

Wheat falling in technical setback following rally on Tuesday. Firm US dollar adds pressure.

Benchmark CBOT May soft red winter wheat hit technical resistance overnight at its five-day moving average. Support was noted at its 20-day moving average.

Jordan's state grain buyer has made no purchase in an international tender to buy 120,000 tonnes of milling wheat.

CBOT reported no deliveries against the expiring CBOT March soft red winter wheat and K.C. March hard red winter wheat contracts. MGEX reported no March spring wheat deliveries.

CBOT May soft red winter wheat last traded down 7-3/4 cents at $6.58-1/2 per bushel. K.C. May hard red winter wheat was last 6-1/4 cents lower at $6.29 a bushel and MGEX May spring wheat was off 5 cents at $6.40-1/4.

CORN - Down 5 to 10 cents per bushel

Corn seen lower in profit-taking setback after rising 1.3% on Tuesday.

Benchmark CBOT May corn futures dropped below their 30-day moving average overnight.

Algerian state agency ONAB has issued an international tender to purchase about 30,000 tonnes of corn to be sourced from optional origins.

CBOT reported no deliveries against CBOT March corn futures.

CBOT May corn was last down 7-1/2 cents at $5.37-1/2 per bushel.

SOYBEANS - Down 9 to 12 cents per bushel

Concerns about a lag in Chinese demand weigh on soybean market after an outbreak of African swine fever was confirmed in piglets in the country's southwestern province of Yunnan.

CBOT reported no deliveries against CBOT March soybean futures.

CBOT May soybeans were last down 9 cents at $14.03-1/2 per bushel.

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