CHICAGO: Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.
NOTE: Friday is the first notice day for deliveries against CBOT March futures contracts.
Wheat - Up 1 cent to down 1 cent per bushel
Wheat mixed as traders square positions ahead of the U.S. Department of Agriculture’s annual outlook forum, where the agency will release updated supply and demand projections. Futures underpinned by firming wheat prices in top exporter Russia.
traded May CBOT wheat hit overhead technical resistance at its 20-day moving average during overnight trading.
Grain consultancy Sovecon lowered its Russian wheat export forecast for the 2024/2025 season to 42.2 million metric tons from 42.8 million.
CBOT May soft red winter wheat was last up 1/4 cent at $5.88 per bushel. K.C. May hard red winter wheat was last up 1/2 cent at $6.06 a bushel and Minneapolis May spring wheat was down 2-1/2 cents to $6.26-1/4 a bushel.
Corn, soy rise on South America output concerns
Corn - Up 2 cents to down 1 cent per bushel
Corn futures mixed, underpinned by short covering after prices hit three-week lows in the prior session. Pressure stemming from tariff concerns, improving South American crop weather and a likely jump in U.S. plantings this spring.
Traders are squaring positions ahead of the USDA’s annual outlook forum, where the agency will release its planted acres forecast and its latest supply and demand estimates.
U.S. farmers are expected to plant more corn this spring as the crop has the best profit potential.
CBOT May corn was last up 2 cents to $4.96-1/4 per bushel.
Soybeans - Down 1 to 3 cents per bushel
Soybean futures weaker on tariff concerns, more favourable South American weather and active harvesting in Brazil. Losses kept in check by expectations for a large drop in U.S. soy plantings this spring.
Traders are squaring positions ahead of the USDA outlook forum, where the agency will release its planted acres forecast and its latest supply and demand estimates.
U.S. soybean plantings are expected to decline this spring as farmers are likely to sow more corn, which is showing better profit potential.
CBOT May soybeans were last down 2-1/2 cents at $10.46-1/4 per bushel.
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