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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.
07 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 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.