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Soybeans down 18-22 cents; wheat down 8-10 cents; corn down 5-8 cents

  • CBOT wheat sliding overnight after climbing Tuesday on increased Chinese demand for US wheat, noted in the US Department of Agriculture's monthly supply and demand report.
  • Ukraine's winter crops are in good condition, with limited areas of frost damage.
Published March 10, 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 Wednesday.

WHEAT - Down 8 to 10 cents per bushel

CBOT wheat sliding overnight after climbing Tuesday on increased Chinese demand for US wheat, noted in the US Department of Agriculture's monthly supply and demand report.

The USDA forecast China's wheat imports in 2020/21 to jump to 10.5 million tonnes, almost double those a year ago, cutting its 2020/21 global wheat stocks to 301.19 million tonnes from 304.22 million tonnes in February, citing China's demand for feed wheat.

Top wheat buyer Egypt said it's strategic reserves are sufficient to cover four months of consumption.

Ukraine's winter crops are in good condition, with limited areas of frost damage.

FranceAgriMer raised its monthly forecast of soft wheat stocks for the end of the 2020/21 season by more than 100,000 tonnes to 2.7 million tonnes on Wednesday.

CBOT May soft red winter wheat last traded 9-3/4 cents lower at $6.46-3/4 per bushel. K.C. May hard red winter wheat was last 11 cents lower at $6.15-1/2 per bushel and MGEX May spring wheat was down 7-3/4 cents to $6.39-3/4 per bushel.

CORN - Down 5 to 8 cents per bushel

Corn futures fell for a second session after a little-changed supply and demand assessment from the USDA Tuesday that showed fewer US exports and larger South American crops than analysts expected.

Ukraine's grain exports have fallen by around 21.5% to 32.9 million tonnes so far this season, including 14.53 million tonnes of corn.

CBOT May corn was last 7 cents lower at $5.38-3/4 per bushel.

SOYBEANS - Down 18-22 cents per bushel

Soybeans fell overnight after ending Tuesday higher, despite a supply and demand report that logged a bigger-than-expected Brazilian crop, despite persistent rains that have slowed harvest.

The most active soybean contract fell 1.48% overnight, its biggest drop in a month, though it remains near its seven-year high.

The soybean harvest in Brazil continues to be slowed by rain, though the forecast is expected to turn dry into the weekend and 6-10 days, while Argentina continues to see dryness that could impact crop yields, though rains could move in over the next week.

CBOT May soybeans were last 21-1/4 cents lower at $14.18-3/4 per bushel.

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