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Markets

Soy up 20-25 cents, corn steady-up 4 cents, wheat down 2-4 cents

  • Wheat futures easing as traders stake out positions ahead of USDA report.
  • Corn futures traded higher for much of the overnight trading session, but gave up most of their gains after the forecast for Brazil's corn crop topped market expectations.
12 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 Wednesday.

NOTE: Trade awaits US Agriculture Department's monthly World Agricultural Supply and Demand Estimates (WASDE) report, scheduled to be released at 11 a.m. CDT (1600 GMT) on Wednesday. The May WASDE will be the first to include estimates for the 2021/22 marketing year.

WHEAT - Down 2 to 4 cents per bushel

Wheat futures easing as traders stake out positions ahead of USDA report.

CBOT July soft red winter wheat was last 3-1/2 cents lower at $7.38-1/4 per bushel. K.C. July hard red winter wheat was last down 1-3/4 cents at $7.08-3/4 per bushel. MGEX July spring wheat was 1 cent lower at $7.69-1/2 per bushel.

CORN - Steady to up 4 cents per bushel

Corn futures traded higher for much of the overnight trading session, but gave up most of their gains after the forecast for Brazil's corn crop topped market expectations.

Private exporters reported the sale of 30,000 tonnes of corn for delivery to Mexico in the 2020/21 marketing year and 70,000 tonnes of corn for delivery to Mexico in 2021/22.

Brazil's CONAB forecast the country's 2020/2021 total corn crop at 106.413 million tonnes, down from its April forecast for 108.966 million tonnes.

CBOT July corn was last up 3-3/4 cents at $7.26 per bushel.

SOYBEANS - Up 20 to 25 cents per bushel

Soybeans extend rally, hitting their highest since September 2012 overnight, with tight supplies in focus. Strength in crude oil, global vegetable oil markets add support.

The most-active July soybeans futures contract ended overnight trading below its session high after failing to hold support above the high end of its 20-day Bollinger range.

CBOT July soybeans were last up 25-1/2 cents at $16.40-1/4 per bushel.