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Markets

Soy up 12-16 cents, corn up 6-12 cents, wheat up 3-5 cents

  • Wheat futures rising on bargain buying after most-active contract fell 2.3% on Monday, its biggest daily percentage drop since March 30. Strength in corn market underpins wheat.
  • The US Agriculture Department said that the US winter wheat crop was rated 48% good to excellent as of May 2, down 1 percentage point from a week ago.
04 May 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 Tuesday.

WHEAT - Up 3 to 5 cents per bushel

Wheat futures rising on bargain buying after most-active contract fell 2.3% on Monday, its biggest daily percentage drop since March 30. Strength in corn market underpins wheat.

Concerns about dry conditions in the US Plains harming the developing crop there add support.

The US Agriculture Department said that the US winter wheat crop was rated 48% good to excellent as of May 2, down 1 percentage point from a week ago.

Benchmark CBOT July soft red winter wheat contract hit resistance as it neared its five-day moving average during the overnight trading session.

CBOT July soft red winter wheat was last 3-1/2 cents higher at $7.21-1/2 per bushel. K.C. July hard red winter wheat was last up 5 cents at $6.93-1/2 per bushel. MGEX July spring wheat was 6-3/4 cents higher at $7.65-1/2 per bushel.

CORN - Up 6 to 12 cents per bushel

Corn futures threatening the eight-year high hit on Monday on persistent fears about supplies remaining tight until US harvest begins, due to hot and dry weather cutting into the size of Brazil's harvest.

Gains in new-crop dampened by USDA report that showed US farmers had planted 46% of their corn crop by May 2, ten percentage points ahead of the five-year average. Analysts had been expecting 44%.

CBOT July corn was last up 9-1/4 cents at $6.88-3/4 per bushel.

SOYBEANS - Up 12 to 16 cents per bushel

Technical bounce expected in soybeans. Benchmark CBOT July soybean futures found support at their 10-day moving average overnight.

CBOT July soybeans were last up 13 cents at $15.37 per bushel.