Markets

Corn up 3-5 cents, wheat up 0-2 cents

  • Wheat up slightly overnight after the most-active contract dropped 2.69% on Wednesday to its lowest since April 21.
  • Exporters also sold 317,700 tonnes of wheat for the 2021/2022 marketing year.
Published May 20, 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 Thursday.

WHEAT - Even to up 2 cents per bushel

Wheat up slightly overnight after the most-active contract dropped 2.69% on Wednesday to its lowest since April 21, following broader financial market slides.

The CBOT's most-active wheat contract found support Wednesday at its 50-day moving average.

Exporters sold 121,000 tonnes of wheat for marketing year 2020/2021 in the week ended May 13, up 21% from the prior four-week average, the US Department of Agriculture said.

Exporters also sold 317,700 tonnes of wheat for the 2021/2022 marketing year.

Weekly wheat exports were up 9% from the previous week at 568,600 tonnes.

Crop scouts on the second day of an annual three-day tour of Kansas projected an average yield for hard red winter wheat in the southwestern portion of the state at 56.7 bushels per acre, up from 47.6 bushels in 2019.

Algeria's state grains agency purchased about 400,000 tonnes of optional-origin milling wheat in an international tender, European traders said.

CBOT July soft red winter wheat was last 1 cent higher at $6.80-1/4 per bushel. K.C. July hard red winter wheat was last down 3 cents at $6.30-3/4 per bushel. MGEX July spring wheat was last 3/4 cent lower at $6.96-3/4 per bushel.

CORN - Up 3 to 5 cents per bushel

Corn inched higher overnight, supported by a fresh wave of export sales to China and reduced yields expected in Brazil's second-crop corn.

Exporters reported selling 1.224 million tonnes of corn to China for 2021/2022 delivery Thursday, according to the USDA.

For the week ended May 13, exporters sold 277,600 tonnes of old-crop corn, down noticeably from the previous week but up 19% versus the prior four-week average, the USDA said.

New-crop corn export sales came in at 4.06 million tonnes, with China purchasing 3.74 million tonnes.

A marketing-year high of 2.24 million tonnes of corn was exported last week, up 45% from the previous week and 23% more than the prior four-week average.

Brazil's second corn crop is expected to yield 66.2 million tonnes, 15% below the 78.3 million forecast in March as drought continues to diminish yield, according to the firm Agroconsult.

CBOT July corn was last 3-1/4 cents higher at $6.61-1/2 per bushel.

SOYBEANS - Down 3 to up 1 cents per bushel

Soybean prices traded close to even overnight after the most-active contract dropped 2.29% on Wednesday to its lowest since May 4.

The most-active soybean contract hovered near its 20-day moving average overnight.

Exporters sold 84,200 tonnes of old-crop soybeans the week ended May 13, down 11% from the prior week and 45% versus the previous four-week average, while booking 96,000 tonnes of new-crop sales, according to the USDA.

Exports of 335,600 tonnes of soybeans the week ended May 13 were up 18% versus the previous week and 20% more than the prior four-week average.

CBOT July soybeans were last 1/4 cent higher at $15.38-1/2 per bushel.

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