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Wheat down 2-4 cents, corn steady-down 2 cents, soybeans mixed

  • Good soil moisture that is boosting crop prospects in key growing areas pressures wheat futures.
  • On a continuous basis, the most-active CBOT soft red winter wheat contract hit a three-month low overnight and was on track for a weekly drop of 2.6%, which would be its biggest since early February.
Published March 26, 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 Friday.

WHEAT - Down 2 to 4 cents per bushel

Good soil moisture that is boosting crop prospects in key growing areas pressures wheat futures.

On a continuous basis, the most-active CBOT soft red winter wheat contract hit a three-month low overnight and was on track for a weekly drop of 2.6%, which would be its biggest since early February.

CBOT May soft red winter wheat last traded down 2 cents at $6.10-1/2 per bushel. K.C. May hard red winter wheat was last down 2-3/4 cents at $5.64 a bushel and MGEX May spring wheat was last down 1-3/4 cents at $6.15-3/4.

CORN - Steady to down 2 cents per bushel

Consolidation trade expected after prices fell 1.2% on Thursday, but massive US planting expectations keep most traders bearish about corn.

The most-active CBOT corn futures contract has fallen 2.3% so far this week, on track for its biggest weekly loss in eight weeks.

CBOT May corn dropped below its 20-day and 30-day moving averages overnight. Support was noted at the contract's 50-day moving average.

CBOT May corn last traded unchanged at $5.46-1/2 per bushel.

SOYBEANS - Mixed, up 2 cents to down 2 cents per bushel

Choppy trade expected as traders wait for US Agriculture Department's prospective plantings and quarterly stocks reports next week.

Support for benchmark CBOT May soybeans noted at the contract's 30-day moving average overnight.

CBOT May soybeans were last down 1/2 cent at $14.13-3/4 per bushel.

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