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Markets

CBOT Trends-Wheat down 3-5 cents, soybeans down 3-6 cents, corn mixed

  • CBOT July soft red winter wheat was last 5-1/4 cents lower at $6.51-1/4 per bushel. K.C. July hard red winter wheat was last down 3-1/4 cents at $6.01-1/4 per bushel. MGEX July spring wheat was last 1-1/4 cents lower at $6.81-1/2 per bushel.
Published May 26, 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.

WHEAT - Down 3 to 5 cents per bushel

Follow-through selling expected in wheat, which has posted seven straight days of declines. Most-active soft red winter wheat contract hit its lowest since April 15 on Tuesday.

CBOT July soft red winter wheat was last 5-1/4 cents lower at $6.51-1/4 per bushel. K.C. July hard red winter wheat was last down 3-1/4 cents at $6.01-1/4 per bushel. MGEX July spring wheat was last 1-1/4 cents lower at $6.81-1/2 per bushel.

CORN - Mixed, down 4 to up 4 cents per bushel

Nearby corn futures firming on technical buying and bargain hunting after most-active contract plunged 5.6% to its lowest since April 22 on Tuesday.

But new-crop contracts under pressure from forecasts for good crop weather expected in US Midwest.

Benchmark CBOT July corn futures found support overnight at Tuesday's low of $6.17-1/4 a bushel.

CBOT July corn was last 3-1/4 cents higher at $6.23-1/2 per bushel.

SOYBEANS - Down 3 to 6 cents per bushel

Long liquidation by investment funds pressures soybeans, which have fallen for six days in a row and hit their lowest since April 30 overnight.

Technical support noted at the benchmark CBOT July soybean futures contract's 40-day moving average overnight. The contract has not dipped below that technical benchmark since April 14.

CBOT July soybeans were last down 3-1/2 cents at $15.08-1/4 per bushel.

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