Markets

Wheat steady-up 5 cents, corn down 2-5 cents, soy up 6-10 cents

  • Wheat seen steady to firm, with MGEX spring wheat contracts rising on support from concerns about dry conditions in the northern US Plains.
  • The USDA said corn planting was 90% complete, 10 percentage points ahead of the five-year average.
Published May 25, 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 - Steady to up 5 cents per bushel

Wheat seen steady to firm, with MGEX spring wheat contracts rising on support from concerns about dry conditions in the northern US Plains.

The US Agriculture Department's weekly crop progress and conditions report showed that the spring wheat crop was rated 45% good to excellent as of May 23, at the low end of a range of market forecasts.

The government rated the hard red winter wheat crop as 47% good to excellent, down 1 percentage point from a week earlier.

CBOT July soft red winter wheat was last 1-1/4 cents higher at $6.63-1/2 per bushel. K.C. July hard red winter wheat was last down 1/4 cent at $6.15 per bushel. MGEX July spring wheat was last 5-1/2 cents higher at $6.90-1/4 per bushel.

CORN - Down 2 to 5 cents per bushel

Corn easing on fast pace of planting, good conditions for growth in US Midwest.

The USDA said corn planting was 90% complete, 10 percentage points ahead of the five-year average.

CBOT July corn dropped below its 30-day moving average during overnight trading.

CBOT July corn was last 4-3/4 cents lower at $6.52-1/2 per bushel.

SOYBEANS - Up 6 to 10 cents per bushel

Bargain buying bounce expected in soybeans after five straight days of declines, the longest stretch of lower closes for the most-active contract since June 2020. Rally in global vegetable oil markets adds support.

CBOT July soybean futures rose above their 30-day moving average overnight.

CBOT July soybeans were last up 9-1/4 cents at $15.32 per bushel.

Comments

Comments are closed.