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Markets

Wheat up 1-3 cents; soybeans, corn down 3-5 cents

  • CBOT wheat inching higher overnight after the USDA offered mixed ratings for US winter wheat conditions. Gains are limited by rain forecasts across the US Southern Plains.
  • Russian wheat export prices fell last week after two weeks of growth due to lower prices in Chicago and Paris, analysts said.
Published March 9, 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 1 to 3 cents per bushel

CBOT wheat inching higher overnight after the USDA offered mixed ratings for US winter wheat conditions. Gains are limited by rain forecasts across the US Southern Plains.

The USDA rated 36% of the winter wheat in Kansas, the top US producer, in good to excellent condition, down from 37% a week earlier. Ratings improved in Oklahoma, with 53% of the state's crop rated good to excellent, up from 46% the previous week.

Russian wheat export prices fell last week after two weeks of growth due to lower prices in Chicago and Paris, analysts said.

CBOT May soft red winter wheat last traded 2-1/2 cents higher at $6.49 per bushel. K.C. May hard red winter wheat was last 3/4 cent lower at $6.21 per bushel and MGEX May spring wheat was up 2-1/2 cents to $6.44-1/4 per bushel.

CORN - Down 3 to 5 cents per bushel

Corn futures stepping back ahead of the USDA's monthly supply and demand report, which is expected to show tightening global supply amid a slow Brazilian second corn-crop planting due to persistent rains that have bogged down field work.

Three ships carrying ethanol were heading to China from the US Gulf Coast, trade sources said, in a sign that exports of the fuel were sharply increasing from the United States to the country.

CBOT May corn was last 5 cents lower at $5.42 per bushel.

SOYBEANS - Down 3-5 cents per bushel

Soybeans traded both directions overnight, ending the session lower ahead of the USDA's monthly supply and demand assessment that is expected to show increased tightening of supplies amid a slow Brazilian harvest and an Argentinian crop hampered by persistent dryness.

Brazil soybean crop is forecast to be 133.1 million tonnes in despite continued rain delays, according to agribusiness consultancy Safras and Mercado. The group noted that forecasts may be revised downward in coming days if persistent rains have damaged crop conditions.

CBOT May soybeans were last 3-1/2 cents lower at $14.30-1/4 per bushel.

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