Markets

Soy down 40-55 cents, corn down 25-35 cents, wheat down 20-30 cents

  • CBOT July soft red winter wheat was last down 22-1/4 cents at $6.58-1/2 per bushel; K.C. July hard red winter wheat was last off 23-1/2 cents at $6.14-1/2 per bushel, and MGEX July spring wheat lost 34 cents to $7.30-3/4 per bushel.
Published June 14, 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 Monday.

WHEAT - Down 20 to 30 cents per bushel

Outlook for good harvest weather weighing on winter wheat contracts.

CBOT July soft red winter wheat contract dropped below its 20-day and 100-day moving averages during the overnight trading session.

CBOT July soft red winter wheat was last down 22-1/4 cents at $6.58-1/2 per bushel; K.C. July hard red winter wheat was last off 23-1/2 cents at $6.14-1/2 per bushel, and MGEX July spring wheat lost 34 cents to $7.30-3/4 per bushel.

CORN - Down 25 to 35 cents per bushel

Corn down sharply on forecasts for cooler weather, increased moisture in the US Midwest as crop nears critical development phases. New-crop contracts posted bigger losses than old-crop contracts overnight.

CBOT July corn dropped below its 20-day and 40-day moving averages overnight.

CBOT July corn was last down 24-1/2 cents at $6.60 per bushel. New-crop December down 34-1/4 cents at $5.75-1/2.

SOYBEANS - Down 40 to 55 cents per bushel

Most-active soybeans hit their lowest since April 21 overnight and were seen lower for their fourth straight session.

Soybeans led lower by 4.7% decline in soyoil futures, which are facing pressure from a Reuters report that said the US EPA was considering ways to provide relief to US oil refiners from biofuel blending mandates.

CBOT July soybean futures fell below the low end of their 20-day Bollinger range for the first time since March 31 overnight.

CBOT July soybeans last traded down 41-3/4 cents at $14.66-3/4 per bushel, while new-crop November soybeans dropped 53-1/2 cents to $13.85-1/4.

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