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Markets

Soybeans, wheat up 10-15 cents, corn up 4-8 cents

  • Weak dollar supportive to wheat as well as forecasts for dry weather in northern US Plains.
  • Corn seen firming for seventh straight session, as no relief is forecast for dry Brazil growing areas. Strong export demand also supportive.
Published May 7, 2021 Updated May 7, 2021 06:54pm
By

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 - Up 10 to 15 cents per bushel

Weak dollar supportive to wheat as well as forecasts for dry weather in northern US Plains.

CBOT July soft red winter wheat was last 9-3/4 cents higher at $7.63 per bushel. K.C. July hard red winter wheat was last up 9-3/4 cents at $7.36-1/2 per bushel. MGEX July spring wheat was 13-1/2 cents higher at $8.04-1/4 per bushel.

CORN - Up 4 to 8 cents per bushel

Corn seen firming for seventh straight session, as no relief is forecast for dry Brazil growing areas. Strong export demand also supportive.

The most-active corn futures contract has risen 7.5% this week and was on track for its sixth straight week of gains. Corn futures have rallied 31% during that stretch.

On a continuous basis, the most-active corn futures contract peaked at its highest since March 2013 overnight. New highs were made in the July, September, December , March and May 2022 corn contracts.

Private exporters reported the sale of 1.36 million tonnes of corn to China for delivery in the 2021/22 marketing year, the US Agriculture Department said.

CBOT July corn was last up 5-1/4 cents at $7.24 per bushel.

SOYBEANS - Up 10 to 15 cents per bushel

Soybean futures supported by surging global vegetable oils market. Most active soybean contract hit its highest on a continuous basis since October 2012 overnight.

Contract highs were made across the board in the soybean market overnight.

CBOT July soybeans were last up 11-1/2 cents at $15.81 per bushel.

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