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Markets

Corn up 11-15 cents, soybeans mixed, wheat down 1-5 cents

  • Futures retreat after rising on Wednesday on spillover support from surging corn and soybean prices.
  • The USDA, in a report on Wednesday, estimated larger-than-expected US wheat plantings.
Published April 1, 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) at 8:30 a.m. CDT (1330 GMT) on Thursday.

Markets are closed on Friday for Good Friday.

WHEAT - Down 1-5 cents

Futures retreat after rising on Wednesday on spillover support from surging corn and soybean prices.

The USDA, in a report on Wednesday, estimated larger-than-expected US wheat plantings.

A weekly USDA report on Thursday shows US wheat export sales totaled 331,100 tonnes in the week ended March 25, within market forecasts for 200,000 tonnes to 650,000 tonnes.

CBOT May soft red winter wheat last down 2-1/4 cents at $6.15-3/4 per bushel. K.C. May hard red winter wheat was last down 4-1/2 cents at $5.71-1/4. MGEX May spring wheat was last down 2 cents at $6.08-3/4.

CORN - Up 11-15 cents

Follow-through buying lifts prices after corn surged to its daily trading limit on Wednesday on a smaller-than-expected USDA plantings estimate.

The limit expands to 40 cents on Thursday.

The most-active contract overnight reached its highest price since 2013.

Analysts expect the USDA will report more corn plantings in its next acreage report in June.

Weekly US corn export sales totaled 857,300 tonnes, compared to analysts' estimates for 600,000 to 1.5 million tonnes.

CBOT May corn last traded up 12 cents at $5.76-1/4 per bushel.

SOYBEANS - Mixed

Follow-through buying and supply concerns underpin soybeans after a smaller-than-expected USDA plantings estimate pushed prices up by their daily limit on Wednesday.

The daily limit expands to $1.05 on Thursday.

Some profit-taking could pressure prices before the long weekend, a broker said.

Weekly US soybean export sales totaled 236,800 tonnes, compared to analyst estimates for 100,000 to 650,000 tonnes.

CBOT May soybeans were last flat at $14.36-3/4 per bushel.

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