CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading on Monday.
Wheat – Up 2 to 3 cents per bushel
Wheat futures were slightly firmer with buying interest sparked by last week’s lows.
Advancing harvests in the Northern Hemisphere have raised expectations that markets will be well supplied.
Consultants Sovecon on Friday cut their forecast slightly for Russia’s 2025 wheat crop to 83.3 million metric tons from 83.6 million tons, but a harvest of that size would be large by historical standards.
Many other countries are on track for large production years, and rainfall in Southern Hemisphere exporters Argentina and Australia has improved the outlook for their harvests later in the year.
Traders awaited weekly crop progress and condition reports due on Monday afternoon from the U.S. Department of Agriculture.
CBOT September soft red winter wheat was last up 2 cents at $5.18-3/4 per bushel. K.C. September hard red winter wheat was last up 1/2 cent at $5.19-1/4 per bushel. Minneapolis September wheat was last up 1-1/2 cents at $5.70-3/4 a bushel.
Wheat down 1-3 cents, corn down 1-2, soybeans down 1-2
Corn – Down 1 to 2 cents per bushel
Corn futures ticked lower, weighed on by favorable weather in the U.S. Midwest corn belt.
Non-threatening weather with milder temperatures and some showers in the northwestern Midwest is expected to aid corn crop development, according to forecasters.
Moisture will decline again in the southern and eastern Midwest, according to forecaster Vaisala.
CBOT December corn fell 1-1/2 cents to $4.09-1/4 per bushel.
Soybeans – Steady to down 1 cent per bushel
Soybean futures were weaker on non-threatening weather in the U.S. Midwest, which is expected to benefit the region’s crops, according to analysts.
Forecasters predicted milder temperatures into early August, with periodic showers in the northwestern Midwest later next week, according to Vaisala, but moisture should fall in the southern and eastern Midwest.
CBOT November soybeans were last down 1/4 cent at $9.89 per bushel.
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