Corn steady-up 1 cent, soy mixed; wheat steady-down 1
- Wheat flat to slightly lower, consolidating after last week's multi-month lows. Rallies capped by ample global supplies and seasonal pressure from the ongoing US winter wheat harvest.
- CBOT July corn last traded up 1/2 cent at $3.25-1/2 per bushel.
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 Wednesday.
NOTE: Traders await the US Department of Agriculture's acreage and quarterly stocks reports due Tuesday, June 30. Tuesday is also first notice day for deliveries against CBOT July futures contracts.
WHEAT - Steady to down 1 cent per bushel
Wheat flat to slightly lower, consolidating after last week's multi-month lows. Rallies capped by ample global supplies and seasonal pressure from the ongoing US winter wheat harvest. The CBOT July wheat contract stayed inside of Tuesday's trading range in early moves.
CBOT July soft red winter wheat last traded unchanged at $4.86 per bushel. K.C. July hard red winter wheat was last up 3/4 cent at $4.35-3/4 and MGEX July spring wheat was up 2-1/4 cents at $5.17 per bushel.
CORN - Steady to up 1 cent per bushel
Corn steady to firm in rangebound trade, supported by some outlooks for dryness to build in the US Midwest in early July. However, near-term crop weather is mostly favorable, bolstering production prospects.
Chart support noted in CBOT July corn at its 50-day moving average near $3.23. The contract stayed inside of Tuesday's trading range in early moves.
Ahead of Thursday's USDA quarterly hogs and pigs report, analysts surveyed by Reuters on average expected the government to show that the US hog herd likely expanded 3.7% in the March-May quarter, compared with a year earlier.
CBOT July corn last traded up 1/2 cent at $3.25-1/2 per bushel.
SOYBEANS - Mixed, up 1 cent per bushel to down 1 cent
Soybeans narrowly mixed in rangebound trade as the market awaits fresh direction. Crop weather in the US Midwest remains mostly favorable although traders are monitoring forecasts for dryness to build in early July.
The CBOT July soybean contract stayed inside of Tuesday's trading range in early moves.
CBOT July soybeans last traded up 1/4 cent at $8.75-1/4 per bushel.