CHICAGO: The 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 Friday.
NOTE: CBOT soybean, soyoil and soymeal futures are trading with expanded daily limits on Friday after CBOT soyoil futures settled down their daily 3-cent limit on Thursday.
Wheat – Down 1 to 2 cents per bushel
CBOT wheat futures ticked down slightly, supported by a boost in export demand, but pressured by good harvest prospects in the U.S.
A group of South Korean flour mills has issued an international tender to purchase about 50,000 metric tons of milling wheat to be sourced from the United States only, European traders said on Friday.
China issued a warning on Friday about a high risk of dry, hot winds from next Monday to Thursday that could damage winter wheat crops in major producing areas, including Henan – a key wheat-growing province known as the country’s granary.
The wheat yield potential in Kansas was estimated at 53 bushels per acre (bpa) on Thursday by crop scouts on the annual Wheat Quality Council tour, the highest since 2021.
CBOT July soft red winter wheat was last down ½ cent at $5.32-1/4 per bushel. K.C. July hard red winter wheat was last up 1-1/4 cents at $5.29-1/2 a bushel, while Minneapolis July spring wheat was last up 3/4 cent to
$5.80-3/4 a bushel.
Wheat steady-down 7 cents, corn steady-down 4, soybeans steady-down 5
Corn – Up 2 to down 1 cent per bushel
Corn futures were mixed on Friday, pressured by ideal growing conditions in the U.S. Midwest.
Rains in the Midwest are set to expand from Sunday through Wednesday to recharge moisture supplies and aid crop growth, according to Commodity Weather Group.
CBOT July corn was last up 2 cents at $4.50-1/2 per bushel.
Soybeans – Down 1 to 4 cents per bushel
Soybeans extended losses on Friday after tumbling on Thursday as uncertainty over a U.S. biodiesel mandate continued to weigh on the market.
After optimism that proposed U.S. legislation would continue tax credits for biodiesel fuel, concerns over biofuel policy re-emerged with rumours that a target for renewable diesel volumes for next year will come well below the 5.25 billion gallons proposed by an alliance of oil and biofuel producers.
The biofuel sector is still awaiting clarification after the U.S. Environmental Protection Agency (EPA) said on Thursday it had sent its proposal on future biofuel blending mandates to the White House for review.
CBOT July soybeans were last down 1-3/4 cents at $10.49-1/2 per bushel.
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