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Wheat down 3-6 cents, corn and soybeans down 4-8

  • CBOT May wheat reached a high of $7.15 a bushel on Thursday, the highest for a most-active contract since May 2014.
  • CBOT July corn peaked at $6.35 a bushel in overnight trading, the highest for a most-active contract since June 2013.
Published April 23, 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 Friday.

WHEAT - Down 3 to 6 cents per bushel

Wheat futures retreat on profit-taking after rising to multi-year highs on Thursday. Losses limited by concerns about US winter wheat following frigid temperatures this week that may have damaged some crops.

CBOT May wheat reached a high of $7.15 a bushel on Thursday, the highest for a most-active contract since May 2014.

Chinese buyers are thought to have booked at least half a million tonnes from the next French wheat harvest, as China looks widely to cover grain import needs heightened by a domestic corn deficit, traders said.

CBOT May soft red winter wheat was last down 2-3/4 cents at $7.07-1/2 per bushel. K.C. May hard red winter wheat was last down 3/4 cent at $6.66-3/4 per bushel. MGEX May spring wheat was unchanged at $7.08-1/2 per bushel.

CORN - Down 4 to 8 cents per bushel

Corn drops on profit-taking after hitting the highest in nearly eight years. Strong feed grain demand, worries over slow US Midwest planting progress and dry conditions in Brazil's second-crop corn areas limit declines.

CBOT July corn peaked at $6.35 a bushel in overnight trading, the highest for a most-active contract since June 2013.

The US Department of Agriculture on Friday morning confirmed private sales of new-crop US corn to China, Guatemala and undisclosed buyers.

South Korean importers also booked corn purchases on Friday for shipment this summer.

Milder weather is expected in the US Midwest after cold delayed planting this week. But weekend rains may continue to stall seeding in the southwest portions of the region and in the Delta area, forecasters said.

Drought conditions were expected to worsen in Brazil's safrinha corn area over the next two weeks, forecasters said.

Argentina's 2020/21 corn crop will hit 50 million tonnes, up from the 48.5 million tonnes previously forecast, due to a higher planting area and good yields in Cordoba province, the Rosario grains exchange said.

CBOT May corn last traded down 4-1/2 cents at $6.46 per bushel. July corn was last down 4-1/2 cents at $6.27.

SOYBEANS - Down 4 to 8 cents per bushel

Soybeans ease on profit-taking after hitting seven-year highs on Thursday. Tight supplies and robust demand for soybeans and soyoil limiting losses.

July soybean futures peaked at $15.24 a bushel on Thursday, the highest for a most-active contract since May 2014.

CBOT May soybeans were last down 3-1/4 cents at $15.30 per bushel. Actively traded July was down 4-1/2 cents at $15.09-3/4.

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