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Soybeans down 6-9 cents; corn down 3-5 cents; wheat up 0-1 cents

  • CBOT wheat hovered near even overnight after a 1.5% drop Thursday, pressured by beneficial rains expected across the US Southern Plains.
  • China is scooping up supplies of US white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high.
Published March 12, 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 Friday.

WHEAT - Even to up 1 cents per bushel

CBOT wheat hovered near even overnight after a 1.5% drop Thursday, pressured by beneficial rains expected across the US Southern Plains.

China is scooping up supplies of US white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high.

Growing conditions for French soft wheat remain favourable, with 88% of crops rated good or excellent in the week to March 8, unchanged from the previous week, data from farm office FranceAgriMer showed.

Grain trade association Coceral on Thursday cut its forecast of soft wheat production in the European Union and Britain to 141.5 million tonnes from 143.0 million seen in December but still well above last year's harvest of 128.2 million tonnes.

CBOT May soft red winter wheat last traded up 1/2 cent at $6.43 per bushel. K.C. May hard red winter wheat was last 2-1/2 cents lower at $6.06-3/4 per bushel and MGEX May spring wheat was up 2-3/4 cents to $6.36-3/4 per bushel.

CORN - Down 3 to 5 cents per bushel

Corn futures slid overnight, despite positive movement the day prior as a lack of supportive news weighs on the market, while traders continue to assess South American crop progress.

Argentina is expected to harvest 45 million tonnes of corn this season, below the previously forecast 46 million tonnes, due to dry conditions, the Buenos Aires Grains Exchange said.

Brazil's government is concerned that heavy rains in the country continue to disrupt the planting of the second crop of corn.

CBOT May corn was last 3 cents lower at $5.35-1/2 per bushel.

SOYBEANS - Down 6 to 9 cents per bushel

Soybeans fell overnight as a lack of export demand pressured the market, while rains in Argentina offer the prospect of an improved crop and Brazil continues to progress in its harvest.

The CBOT's most-active soybean contract hovered near its 20-day moving average overnight.

The Buenos Aires Grains Exchange lowered its estimates of Argentina's soybean harvest to 44 million tonnes, below its previous forecast of 46 million tonnes, citing dry conditions.

CBOT May soybeans were last 8-1/2 cents lower at $14.05 per bushel.

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