- CBOT wheat is supported by a strong soybean market, but pressure continues as weather forecasts for the US Southern Plains show beneficial rains for winter wheat there.
- Wet weather continues to hamper Brazilian harvest and second crop corn planting, adding support to CBOT corn amid tight global stocks.
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 Monday.
WHEAT - up 3-6 cents per bushel
CBOT wheat is supported by a strong soybean market, but pressure continues as weather forecasts for the US Southern Plains show beneficial rains for winter wheat there.
A government agency in Pakistan has issued a new international tender to purchase and import 300,000 tonnes of wheat, European traders said on Monday.
CBOT May soft red winter wheat last traded 4-1/2 cents higher at $6.57-1/2 per bushel. K.C. May hard red winter wheat was last 3-1/4 cents higher at $6.29-1/2 per bushel and MGEX May spring wheat was up 3-3/4 cents to $6.49 per bushel.
CORN - Up 2 to 5 cents per bushel
Wet weather continues to hamper Brazilian harvest and second crop corn planting, adding support to CBOT corn amid tight global stocks.
Back-month contracts reached new contract highs overnight, with September corn reaching $5.04-1/4 per bushel.
CBOT May corn was last 4 cents higher at $5.49-1/2 per bushel.
SOYBEANS - Up 10 to 13 cents per bushel
Soybeans boosted overnight as dryness in Argentina has hit yields, while excessive rain in Brazil is delaying harvest and slowing exports to China.
New life-of-contract highs were notched for all months overnight, with CBOT May soybeans touching $14.60 per bushel, the highest for a most-active contract since June 11, 2014.
China's soybean imports in the first two months of 2021 fell slightly from a year earlier, customs data showed on Sunday, as rains in top exporter Brazil slowed some shipments.
Brazil's soybean harvest is just 25% completed, the slowest pace in 10 years, according to agribusiness consultancy AgRural. The delay is sending truck freight rates soaring.
CBOT May soybeans were last 12-3/4 cents higher at $14.42-3/4 per bushel.