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. CDT (1330 GMT) on Tuesday.
Wheat - Down 4 to 5 cents per bushel
Wheat futures eased after the most-active contract on Monday touched its highest level in more than a week.
USDA is expected to peg 2024-25 U.S. wheat ending stocks at 797 million bushels in its monthly report, compared to its February forecast for 794 million bushels, according to a Reuters poll of analysts.
USDA, in a weekly crop report on Monday, lowered its good-to-excellent rating for crops in Kansas.
CBOT May soft red winter wheat was last down 4-1/2 cents at $5.58 per bushel. K.C. May hard red winter wheat was last down 3-3/4 cents at $5.74-3/4 per bushel, while Minneapolis May spring wheat fell 5-3/4 cents to $5.98-3/4 per bushel.
Wheat up 8-10 cents, corn up 1-3, soy steady-down 1
Corn - Up 2 to 3 cents
Corn futures rose overnight to their highest level since February 28.
USDA is expected to lower its forecast for 2024-25 U.S. corn ending stocks to 1.516 billion bushels, down from 1.540 billion bushels last month, amid strong export demand, analysts said.
China’s imports of U.S. corn are expected to decline following Beijing’s 15% tariffs on the grain, but U.S corn only accounts for about 15% of total imports, China’s agriculture ministry said.
CBOT May corn was last up 2-1/2 cents at $4.74-1/2 per bushel.
Soybeans - Up 3 to 5 cents
Trade tensions loom after China, the world’s biggest soybean importer, and the U.S. announced tariffs on each other’s goods last week.
In Brazil, the world’s top soybean supplier, drought lowered production forecasts in Rio Grande do Sul state, local crop agency Emater said.
USDA is expected to make minimal changes to U.S. and world soybean stocks estimates.
CBOT May soybeans were last up 3-3/4 cents at $10.17-3/4 per bushel.
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