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 Tuesday.
Wheat – Up 2 to 4 cents per bushel
CBOT wheat ticked up, with fresh weakness in the dollar helping underpin prices in the face of an advancing harvest in the United States and elsewhere in the Northern Hemisphere.
The U.S. winter wheat harvest accelerated to 37% complete, up from 19% last week and above a range of analyst expectations, the U.S. Department of Agriculture reported on Monday.
CBOT September soft red winter wheat was last up 4-3/4 cents to $5.43 per bushel. K.C. September hard red winter wheat was last up 1-1/2 cents to $5.28-1/4 per bushel, and Minneapolis September spring wheat was last down ¾ cent to $6.19 per bushel.
Wheat, corn down 3-4 cents, soybeans up 2-4
Corn – Down 5 to 7 cents per bushel
CBOT corn fell as an unexpected jump in U.S. crop ratings reinforced expectations of ample supply.
The USDA rated 73% of the nation’s corn crop in good-to-excellent condition, above the average trade guess and the best since 2018 at this point in the growing season.
Warm weather and showers across the U.S. Midwest have provided ideal growing conditions for the nation’s corn and soybean crops over the past week, according to analysts.
Favorable U.S. crop prospects come as Brazilian farmers are harvesting what some analysts expect to be a record second-corn crop.
CBOT December corn was down 6-3/4 cents to $4.02-1/2 per bushel.
Soybeans – Down 8 to 10 cents per bushel
CBOT soybeans eased as steady U.S. crop conditions along with a higher-than-anticipated quarterly estimate of U.S. stocks also maintained supply pressure.
The USDA in its quarterly stocks and acreage report pegged U.S. June 1 stockpiles of soybeans above average analyst expectations, though traders did not see significant changes.
The USDA rated 66% of the nation’s soybean crop in good-to-excellent condition, unchanged from the previous week and in line with expectations.
CBOT November soybeans were last down 9-3/4 cents to $10.17-1/4 per bushel.
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