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Markets

Soy up 2-6 cents, corn up 1-6 cents, wheat down 1-3

  • CBOT September soft red winter wheat was last 1 cent lower at $6.14 per bushel; K.C. September hard red winter wheat last fell 3-1/2 cents to $5.90-1/2, and MGEX September spring wheat gained 7-3/4 cents to $8.22 per bushel.
Published July 12, 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 1 to 3 cents per bushel

Most active CBOT soft red winter wheat contract eased overnight, starting its seventh day lower as wheat harvest progresses across the eastern US Midwest and some rains aided crops across the Northern US Plains, though the market remains supported by extended forecasts that return to hot and dry weather in the coming weeks.

CBOT's most active soft red winter wheat contract found technical support near the low end of its 20-day Bollinger range during the overnight trading session.

An unprecedented heat wave and ongoing drought in the US Pacific Northwest is damaging white wheat coveted by Asian buyers, according to a Reuters report.

Russian wheat export prices fell last week due to a sharp drop in wheat prices in Chicago and Paris as well as the arrival of the new crop in Russia, analysts said.

CBOT September soft red winter wheat was last 1 cent lower at $6.14 per bushel; K.C. September hard red winter wheat last fell 3-1/2 cents to $5.90-1/2, and MGEX September spring wheat gained 7-3/4 cents to $8.22 per bushel.

CBOT soybeans neutral in $13.03-1/4 to $13.31-1/2 range

CORN - Up 1 to 6 cents per bushel

Most active corn futures contract gained ahead of the US Department of Agriculture's monthly supply and demand report, after falling 12% last week on cooler wetter weather, analysts said.

Corn crop conditions are expected to have improved when the USDA reports conditions Monday afternoon, as recent rains have benefited the crop during its pollination phase.

South Korea's largest animal feedmaker, Nonghyup Feed Inc (NOFI), is believed to have purchased around 68,000 tonnes of feed corn in an international tender that closed on Monday, European traders said.

French soft wheat harvest sees slow start in wet weather

CBOT December corn last traded up 2-1/2 cents at $5.19-1/2 per bushel.

SOYBEANS - Up 2 to 6 cents per bushel

Soybeans firmed as long-term forecasts are expected to turn hot and dry, during key development stages for the crop, while traders anticipate a smaller US soybean carryout reflected in the USDA's supply and demand report, after the agency reduced soybean acres in its June 30 acreage report.

Soybean crop conditions are expected to improve after beneficial rains fell across much of the US Midwest during the last week.

CBOT November soybeans last traded 2-3/4 cents higher at $13.32 per bushel.

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