Wheat down 6-8 cents, corn down 1-3 cents, soy up 2-4 cents
- Profit-taking expected after most-active soft red winter wheat contract jumped 1.2% on Tuesday, its biggest rally in two weeks.
- CBOT May soft red winter wheat futures contract dropped below its five-day and 100-day moving averages during the overnight trading session.
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 Wednesday.
WHEAT - Down 6 to 8 cents per bushel
Profit-taking expected after most-active soft red winter wheat contract jumped 1.2% on Tuesday, its biggest rally in two weeks.
Good conditions for crop development in the US Plains and Black Sea region adds pressure.
Traders say firm US dollar, which hit a four-month high overnight, contribute to the bearish tone.
CBOT May soft red winter wheat futures contract dropped below its five-day and 100-day moving averages during the overnight trading session.
CBOT May soft red winter wheat last traded down 6-1/2 cents at $6.28-1/4 per bushel. K.C. May hard red winter wheat was last down 6-1/2 cents at $5.75-1/2 a bushel and MGEX May spring wheat was last down 4 cents at $6.26-1/4.
CORN - Down 1 to 3 cents per bushel
Corn headed lower, following wheat market, but slow pace of planting of in Brazil provides underlying support, limiting the downturn in corn.
Consolidation trade noted around CBOT May corn's 10-day moving average.
CBOT May corn last traded 1-3/4 cents lower at $5.49-1/2 per bushel.
SOYBEANS - Up 2 to 4 cents per bushel
Soybeans firming on concerns that US acreage will not be big enough to satisfy global demand. Strength in crude oil adds support.
Benchmark CBOT May soybeans found support at 10-day moving average overnight.
CBOT May soybeans were last up 2-3/4 cents at $14.26 per bushel.
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