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Markets

CBOT Trends-Wheat down 8-10 cents, corn down 4-8 cents, soy down 5-8 cents

  • CBOT July soft red winter wheat dropped below its 50-day moving average during the overnight trading session.
  • Corn futures down 2.1% during May, on track for their first monthly decline since August.
Published May 28, 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 - Down 8 to 10 cents per bushel

Wheat seen weak on profit-taking after following corn higher on Thursday.

CBOT July soft red winter wheat dropped below its 50-day moving average during the overnight trading session.

Most-active wheat futures down 9.2% in May, which would be the biggest monthly loss since February 2019.

CBOT July soft red winter wheat was last 9-1/4 cents down at $6.67 per bushel. K.C. July hard red winter wheat was last down 8-3/4 cents at $6.17-1/2 per bushel. MGEX July spring wheat was last 3 cents lower at $7.14-1/4 per bushel.

CORN - Down 4 to 8 cents per bushel

Some end-of-week profit-taking expected in corn after most-active July contract posted a limit-up move on Thursday. The 6.4% jump was the most-active contract's biggest daily gain in percentage terms since June 26, 2015.

Corn futures down 2.1% during May, on track for their first monthly decline since August.

CBOT July corn futures found support at their 30-day moving average overnight.

CBOT July corn was last 4-1/2 cents lower at $6.60 per bushel.

SOYBEANS - Down 5 to 8 cents per bushel

Technical selling expected in soybeans.

Benchmark CBOT July soybean futures firmed early in the overnight session but turned lower after hitting resistance at their 20-day moving average. The contract then dropped below its 10-day and 30-day moving averages.

-active soybean futures have fallen 0.5% during May. Soybeans have risen for nine months in a row.

CBOT July soybeans were last off 7 cents at $15.30 per bushel.

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