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:
Wheat – Flat to up 2 cents per bushel
CBOT wheat was nearly unchanged as the market consolidated ahead of the weekend.
Futures advanced this week amid escalated fighting between grain suppliers Russia and Ukraine.
Rain is expected to slow hard red winter wheat harvesting in the U.S. Plains, traders said.
In France, wheat crop ratings extended a decline due to dry weather.
CBOT July soft red winter wheat was last 1-1/2 cents higher at $5.47 per bushel. K.C. July hard red winter wheat edged up 1/4 cent to $5.42-3/4 per bushel, and Minneapolis July spring wheat rose 1/4 cent to
$6.25-1/2 per bushel.
China allows imports of rapeseed meal, soybean meal from Uruguay
Corn – Down 1 to 3 cents
CBOT corn sagged as the recently planted U.S. crop is off to a promising start, with mostly benign weather expected for the first half of June, analysts said.
The U.S. Department of Agriculture is slated to update U.S. corn and soy crop condition ratings in a weekly report on Monday.
Some traders expect USDA to increase its estimate for U.S. corn exports due to strong demand in a monthly report on Thursday.
As of May 29, U.S. corn exporters had sold 99% of USDA’s full-year export outlook for 2024-25, which ends August 31.
CBOT July corn was last down 2-1/2 cents at $4.37 per bushel.
Soybeans – Down 2 to 4 cents
CBOT soybeans fell overnight with soymeal, while soyoil rose.
Washington’s trade war with China, the world’s biggest soybean importer, looms over the soybean market.
A planned meeting between U.S. and Chinese officials on trade is expected within seven days, White House trade adviser Peter Navarro said on Friday, after the countries’ leaders spoke by phone on Thursday.
China allowed the import of soymeal from Uruguay.
CBOT July soybeans were last down 3-1/4 cents at$10.48-1/2 per bushel.
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