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 Wednesday.
Wheat – Down 5 to 6 cents per bushel
Wheat futures fell for the first time in three sessions on ample global supply of the grain as a short covering bounce faded.
Australia is on track to produce between 32 million and 35 million metric tons of wheat in its upcoming harvest, according to analysts, who raised their forecasts after an improvement in crop conditions and said they could further upgrade them.
Ukraine’s 2025 wheat harvest is forecast at a maximum of 21.8 million metric tons, down from 22.7 million tons in 2024, the UAC farmers’ union said on Wednesday, slightly raising its outlook for this year’s corn crop.
CBOT December soft red winter wheat was last down 5-1/4 cents to $5.26-1/2 per bushel. K.C. December hard red winter wheat was last down 5-3/4 cents to $5.12 per bushel, and Minneapolis December wheat was last down 1/4 cent to $5.87-1/2 a bushel.
Wheat and corn up 2-5 cents per bushel, soy up 1-3 cents
Corn – Down 1 to 2 cents per bushel
CBOT December corn tipped down as prices were weighed down by expectations of a record U.S. harvest, which is prompting farmers to sell their stored crops.
The U.S. Department of Agriculture kept its corn crop rating steady in a weekly report on Monday.
CBOT December corn was last down 1-3/4 cents to $4.07-3/4 per bushel.
Soybeans – Steady to down 1 cent per bushel
Soybean futures ticked lower on expectations of an ample U.S. soybean crop and a lack of Chinese demand.
The U.S. Department of Agriculture raised its good-to-excellent rating for soybeans. It increased the soybean crop rating to 69% good-to-excellent, up from 68% the previous week.
The focus in the soybean market is turning to likely U.S.-China talks this week as China continues to stay away from the market amid Washington-Beijing trade tensions.
Senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet U.S. officials, a United States government spokesperson said, with the two superpowers looking to chart a path beyond their current tariff truce.
CBOT November soybeans were last down 3/4 cent to $10.48-3/4 per bushel.
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