CHICAGO: Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Wednesday.
Wheat - Down 29 to 32 cents per bushel
Wheat fell overnight, pressured by the possibility of Russia allowing Ukrainian exports through its Black Sea blockade.
The CBOT’s most-active wheat contract fell below its 20-day moving average overnight, finding support near the 40-day moving average.
Russia is ready to provide a humanitarian corridor for vessels carrying food to leave Ukraine, in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying.
Ukrainian farmers have made it through much of the spring planting season, but some are now worried about sourcing enough diesel for the harvest to come, with some estimating an 85% loss of normal supplies since the conflict started on Feb. 24.
CBOT July soft red winter wheat ended the overnight trading session down 29-3/4 cents at $11.25 a bushel. K.C. July hard red winter wheat fell 34-1/4 cents to $12.03-1/2 a bushel, while MGEX July spring wheat lost 26-3/4 cents to $12.50-1/2 a bushel.
Corn - Down 14 to 16 cents per bushel
Corn futures fell overnight, pressured by reports that China will begin imports of Brazilian corn to replace disrupted Ukrainian shipments.
The CBOT’s most-active corn contract fell below the 50-day moving average in the previous session, and failed to break through it overnight.
China’s customs authority finalised an agreement to allow imports of Brazilian corn, the Ministry of Commerce said on Tuesday, lining up an alternative to U.S. corn to replace imports from Ukraine.
CBOT July corn last dropped 14 cents to $7.57-3/4 per bushel.
Soybeans - Down 19 to 22 cents per bushel
Soybeans fell overnight, following corn and wheat lower and pressured by the prospect of China easing restrictions on Brazilian soymeal imports.
Plunging demand for soyoil in top-consumer China is expected to cut soybean purchases as COVID lockdowns have shuttered restaurants and canteens, according to traders and analysts.
CBOT July soybeans last fell 21-3/4 cents to $16.71-1/4 per bushel.