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Markets

Wheat up 5-10 cents, corn up 5-8 cents, soybeans down 4-5 cents

  • MGEX spring wheat posting biggest gains on concerns about dryness in North Dakota hampering crop development.
Published June 16, 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 - Up 5 to 10 cents per bushel

Some follow-through bargain buying expected after most-active soft red winter wheat contract closed well above its session low on Tuesday.

MGEX spring wheat posting biggest gains on concerns about dryness in North Dakota hampering crop development.

CBOT July soft red winter wheat was last up 5-3/4 cents at $6.67-1/4 per bushel; K.C. July hard red winter wheat was last 4-1/4 cents higher at $6.17 per bushel, and MGEX July spring wheat gained 11 cents to $7.58-3/4 per bushel.

CORN - Up 5 to 8 cents per bushel

Bargain-buying expected in corn after most-active contract dropped to its lowest since May 27. Market also receiving support from some concerns that early season dryness will limit harvest potential in US Midwest despite forecasts for cooler temperatures and rain in the coming weeks.

Private exporters reported the sale of 153,416 tonnes of corn to unknown destinations for delivery during the 2021/2022 marketing year, the US Agriculture Department said on Wednesday morning.

CBOT July corn was last up 8-3/4 cents at $6.76-1/4 per bushel. New-crop December last 6 cents higher at $5.79-3/4.

SOYBEANS - Down 4 to 5 cents per bushel

Soybeans seen lower for sixth day in a row after the most-active contract hit its lowest since April 20 during the overnight trading session. Traders say disappointing monthly crush figure from the National Oilseed Processors Association on Tuesday and weakness in global vegetable oil markets are weighing on the soy complex.

CBOT July soybeans last traded down 4 cents at $14.61-3/4 per bushel, while new-crop November soybeans dropped 5 cents to $13.68-1/2.

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