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 Wednesday.
Wheat – Down 2 to 4 cents per bushel
Wheat futures extend a setback after the most-active contract on Monday rose to its highest level in more than a week.
The U.S. Department of Agriculture in a monthly crop report on Tuesday projected domestic and world wheat ending stocks for 2024-25 will be bigger than analysts’ were expecting.
Farmers in Canada are expected to increase total wheat plantings to about 27.5 million acres from 26.8 million acres last year, Statistics Canada said. Traders, on average, expected 27.1 million acres, according to a Reuters survey.
CBOT May soft red winter wheat was last down 2-1/4 cents at $5.54-1/2 per bushel. K.C. May hard red winter wheat was last down 1-3/4 cents at $5.70-1/4 per bushel, and Minneapolis May spring wheat fell 2-3/4 cents to $5.94-1.2 per bushel.
Corn – Down 8 to 10 cents
Corn futures ease after the market on Tuesday rose to its highest level in more than a week before ending lower.
USDA on Tuesday left its forecast for 2024-25 U.S. corn ending stocks unchanged from February. Analysts expected a decline due to strong U.S. export demand.
Wheat down 4-5 cents, corn up 2-3 cents, soy up 3-5 cents
Concerns about trade disputes hurting global demand for American crops hung over the market as President Donald Trump’s increased tariffs on U.S. steel and aluminum imports drew retaliation from Canada and Europe.
CBOT May corn was last down 9 cents at $4.61-1/4 per bushel.
Soybeans – Down 8 to 10 cents
Most-active soybeans touched a one-week low overnight under pressure from a massive harvest in top-supplier Brazil and concerns about the risk for tariff disputes to reduce sales of U.S. farm goods.
Brazil’s soybean exports are expected to reach 15.45 million metric tons in March, up more than 4% compared with last week’s forecast, according to industry group Anec.
CBOT May soybeans were last down 9-1/4 cents at $10.02 per bushel.
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