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Wheat down 10-12 cents, soy down 6-10 cents, corn steady-down 2 cents

  • Benchmark CBOT July soft red winter wheat futures dropped below their five-day moving average overnight.
  • CBOT July corn was last down 1 cent at $6.47-1/4 per bushel.
Published April 30, 2021

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 - Wheat down 10 to 12 cents per bushel

Wheat futures falling on profit-taking and concerns about US supplies gaining traction on the export market due to high prices. Most-active soft red winter wheat contract has risen 16.1% during April, on track for its biggest monthly gain since May 2019.

Benchmark CBOT July soft red winter wheat futures dropped below their five-day moving average overnight.

CBOT July soft red winter wheat was last 11-1/4 cents higher at $7.17-3/4 per bushel. K.C. July hard red winter wheat was last down 11-1/2 cents at $6.83 per bushel. MGEX July spring wheat was 4 cents lower at $7.40-1/2 per bushel.

CORN - Steady to down 2 cents per bushel

End-of-month profit-taking pressuring corn as funds exit some long positions to take some risk off the table. CBOT corn has risen 14.7% during April, which would be the biggest monthly gain for the most-active contract since May 2019.

Forecasts for the US Midwest calling for good planting weather adds pressure to the corn market but strong export demand and concerns about Brazilian crop production to limit declines.

CBOT July corn was last down 1 cent at $6.47-1/4 per bushel.

SOYBEANS - Down 6 to 10 cents per bushel

Soybeans falling as ample supplies from Brazil and Argentina available on the export market.

Benchmark CBOT July soybean futures dipped below their 10-day average for the first time since April 14 during the overnight trading session.

CBOT July soybeans were last down 8-3/4 cents at $14.93-1/2 per bushel.

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