Markets

CBOT Trends-Wheat mixed, corn steady-down 1 cent, soy down 2-3

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NOTE: Friday is first notice day for deliveries against CBOT May futures contracts.

WHEAT - Mixed, up 1 cent per bushel to down 1 cent

Nearby contracts steady to firm on a technical recovery one day after the spot contract dipped below psychological support at $4 a bushel. Ample global supplies limit rallies.

CBOT July soft red winter wheat last up 1 cent at $4.28 per bushel. K.C. July hard red winter wheat up 1-1/4 cents at $4.26 and MGEX July spring wheat up 1-3/4 cents at $5.46-1/4.

CORN - Steady to down 1 cent per bushel

Light technical setback after Tuesday's 1.7 percent climb in the CBOT July contract. Market underpinned by worries about US planting delays and a large net short position held by commodity funds.

CBOT July corn last down 1/2 cent at $3.71-1/4 a bushel.

SOYBEANS - Down 2 to 3 cents per bushel

Lower on technical selling and ideas that a slow start to corn planting could prompt some producers to switch some acres intended for corn over to soybeans. CBOT July soybean contract continues to test support at its 20-day moving average.

CBOT July soybeans last down 2-1/4 cents at $9.62-3/4 a bushel.

 

Copyright Reuters, 2017