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Markets

CBOT Trends-Wheat up 8-20 cents, corn up 7-9 cents, soy up 18-22 cents

  • MGEX spring wheat leading CBOT soft red winter wheat and K.C. hard red winter wheat contracts higher, with dry conditions in northern US Plains fueling the gains.
Published June 3, 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 - Up 8 to 20 cents per bushel

MGEX spring wheat leading CBOT soft red winter wheat and K.C. hard red winter wheat contracts higher, with dry conditions in northern US Plains fueling the gains.

The front-month MGEX spring wheat contract peaked at $8.03-1/4 during the overnight trading session, its highest on a continuous basis since July 5, 2017.

Benchmark CBOT July soft red winter wheat rose above its 40-day moving average during the overnight trading session. Consolidation was noted around its 20-day moving average.

CBOT July soft red winter wheat was last up 8-3/4 cents at $6.96-1/4 per bushel; K.C. July hard red winter wheat was last up 9-1/2 cents at $6.43-1/4 a bushel and MGEX July spring wheat was last up 18-1/4 cents at $8.01-1/4 a bushel.

CORN - Up 7 to 9 cents per bushel

Forecast for dry weather in key growing areas of the US Midwest during the next two weeks supports corn futures.

Technical support for CBOT July corn noted overnight at the contract's 20-day moving average.

CBOT July corn was last up 8 cents at $6.83 per bushel.

SOYBEANS - Up 18 to 22 cents per bushel

Soybeans following rally in soyoil futures, which hit their highest since March 2008 overnight. Strength in soyoil stemmed from news that India was considering cutting import taxes on edible oils.

CBOT July soybeans were last up 21-1/4 cents at $15.83-3/4 per bushel.

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