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 Thursday.
Wheat – Steady to up 6 cents per bushel
CBOT wheat climbed as tight Russian supplies overcame pressure from an advancing harvest elsewhere, according to analysts.
In Russia, the world’s biggest wheat-exporting country, a slow start to harvesting and reluctant selling by farmers were forcing exporters to raise prices as they tried to secure supply to load vessels, according to traders.
6-10 day rains are set to provide a moisture boost for Northern Plains spring wheat after hot and dry short-term conditions, according to forecaster Commodity Weather Group.
CBOT September soft red winter wheat was last up 5-1/2 cents to $5.52-1/2 per bushel. K.C. September hard red winter wheat was last up 8 cents to $5.32 per bushel. Minneapolis September wheat was last up 5-1/2 cents to $6.37 a bushel.
Wheat steady-down 3 cents, corn mixed, soy steady-down 5
Corn – Steady to down 2 cents per bushel
CBOT corn consolidated near multi-month lows as markets looked ahead to the U.S. Department of Agriculture’s monthly supply and demand report, due out on Friday.
Favorable weather in the U.S. Midwest continues to pressure corn futures and traders remain worried that U.S. tariff disputes with key trading partners may hurt demand for U.S. crops and exacerbate a glut in supply.
Milder temperatures in the Midwest are expected to boost corn pollination, according to Commodity Weather Group.
U.S. President Donald Trump’s proposal on Wednesday of a 50% tariff on all imports from Brazil caused a slide in its currency, the real, which could have a bearish knock-on effect on grain markets by making Brazilian exports cheaper, traders said.
CBOT December corn was last down 1-3/4 cents to $4.13-3/4 per bushel.
Soybeans – Down 1-7 cents per bushel
CBOT soybean futures Chicago fell to new multi-month lows on non-threatening weather in the U.S. Midwest and investor fears about about knock-on effects from Trump’s announcement of a 50% tariff on goods from Brazil.
Traders positioned ahead of the USDA’s supply and demand report, due on Friday.
The central and eastern Midwest will trend somewhat drier and cooler in the coming weeks, according to Commodity Weather Group.
CBOT November soybeans were last down 1-3/4 cents to $10.05-1/2 per bushel.
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