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Soybeans up 10-13 cents; wheat up 3-6 cents; corn up 2-5 cents

  • 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.
Published March 8, 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 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.

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