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Wheat down 3-4 cents, corn down 1-2, soybeans down 7-10

  • Wheat heads lower on improving crop weather in the US Plains winter wheat belt and a lack of supportive news.
  • CBOT May soft red winter wheat last traded down 3-3/4 cents at $6.36-1/4 per bushel. K.C. May hard red winter wheat was last down 6 cents at $5.95 a bushel and MGEX May spring wheat was down 2-3/4 cents at $6.30-1/2.
Published March 18, 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. CDT (1330 GMT) on Thursday.

WHEAT - Down 3 to 4 cents per bushel

Wheat heads lower on improving crop weather in the US Plains winter wheat belt and a lack of supportive news.

The US Department of Agriculture reported export sales of US wheat in the week ended March 11 at 529,000 tonnes (old and new crop years combined), in line with trade expectations for 150,000 to 600,000 tonnes.

CBOT May soft red winter wheat last traded down 3-3/4 cents at $6.36-1/4 per bushel. K.C. May hard red winter wheat was last down 6 cents at $5.95 a bushel and MGEX May spring wheat was down 2-3/4 cents at $6.30-1/2.

CORN - Down 1 to 2 cents per bushel

Corn trended lower in early moves on profit-taking after Wednesday's three-week high, while export demand and fears of tightening supplies underpin values. News of another daily sale of US corn to China may lend support.

Through its daily reporting system, the USDA confirmed private sales of 696,000 tonnes of US corn to China, its third such sales announcement in as many days.

The USDA reported export sales of US corn in the week ended March 11 at 1,226,800 tonnes (old and new crop years combined), above a range of trade expectations for 350,000 to 1,150,000 tonnes.

China's agriculture ministry has launched a campaign to lower the content of corn and soymeal in animal feed, according to a document issued this week.

CBOT May corn was last down 2 cents at $5.56 per bushel and new-crop December was down 1/4 cent at $4.75-1/4.

SOYBEANS - Down 7 to 10 cents per bushel

Soybeans head lower on technical selling and softening export demand for US supplies. Forecasts for welcome rains in Argentina's crop belt add pressure.

The USDA reported export sales of US soybeans in the week ended March 11 at 202,400 tonnes (old and new crop years combined), at the low end of a range of trade expectations for 100,000 to 800,000 tonnes.

CBOT May soybeans were last down 7-3/4 cents at $14.10 per bushel and new-crop November was last down 9-3/4 cents at $12.25-3/4.

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