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 Friday.
Wheat – Steady to mixed
CBOT wheat futures traded mixed, as expectations of lower exports from Russia helped underpin prices.
IKAR consultancy has cut its baseline 2024/25 wheat export forecast for Russia, the world’s biggest supplier, to around 41 million tons from 42.5 million tons.
In Ukraine, farmers are expected to plant more spring wheat this year, the agriculture minister said.
CBOT May soft red winter wheat was last down ½ cent at $5.62 per bushel. K.C. May hard red winter wheat was last up 2 cents at $5.89-1/2 per bushel, and Minneapolis May spring wheat rose 3/4 cent to $6.04-1/2 per bushel.
Corn – Down 3 to 5 cents a bushel
Corn futures weakened overnight as grain markets face pressure from worries that tit-for-tat tariff disputes will lower U.S. agricultural exports.
The dollar started off the week poorly against major peers but has since bounced back. A stronger dollar often makes U.S. farm goods look less attractive to importers.
Wheat up 5-7 cents a bushel, corn up 3-5 cents, soy up 10-12 cents
Exporters sold 218,604 metric tons of U.S. corn received in the reporting period to unknown destinations for 2024-25 delivery, the U.S. Department of Agriculture said in a daily reporting system.
CBOT May corn was last down 4-1/4 cents at $4.61 per bushel.
Soybeans – Steady
CBOT soybeans consolidated overnight as traders assessed South America’s production prospects.
Expectations for a massive soybean harvest in top-supplier Brazil hang over the market.
In Argentina, rains have benefited crops, though the Rosario Grains Exchange this week lowered its outlooks for the nation’s soy and corn harvests.
Exporters sold 20,000 metric tons of U.S. soyoil to unknown destinations for 2024-25 delivery, USDA said.
CBOT May soybeans were last up 1/2 cent at $10.11-1/4 per bushel.
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