Grain and Soy Trading Expectations at Chicago Board of Trade

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 are as follows:

Wheat
  • Down 1 cent to up 1 cent per bushel

CBOT wheat futures presented a mixed picture. Prices found support from bargain-hunting activities. However, much-needed rainfall across the U.S. crop belt tempered price increases.

A forecast from Commodity Weather Group indicated that anticipated rain over the U.S. Plains in the upcoming week is expected to benefit the developing wheat crop.

CME Group announced the launch of a new Black Sea wheat futures contract in June. This contract will mirror export prices in Romania and Bulgaria.

The most recent trade for CBOT July soft red winter wheat showed an increase of ¼ cent, reaching $5.25-3/4 per bushel. K.C. July hard red winter wheat was last down 3/4 cent, settling at $5.30-1/4 a bushel. Minneapolis July spring wheat saw an increase of 1-3/4 cents, hitting $5.94-1/2 a bushel.

Chicago wheat experienced gains following earlier losses, although improved weather conditions in the U.S. are limiting further price increases.

Corn
  • Down 1 cent to up 1 cent per bushel

Corn futures experienced a decline due to the progression of U.S. planting activities and ongoing U.S.-China trade tensions.

Recent rainfall has alleviated drought conditions that posed a threat to Brazil’s safrinha corn crop. Concurrently, a period of dryness is anticipated to aid Argentina’s crop.

According to an analyst note, corn planting in the U.S. Midwest is projected to proceed smoothly this week as rainfall diminishes.

Analysts and executives suggest that China will cultivate four to five times more genetically modified (GM) corn this year compared to the previous year. This indicates growing momentum in a rollout that has faced obstacles due to stringent state controls, public reservations, and varied trial results.

The U.S. Department of Agriculture reported that exporters finalized the sale of 120,000 metric tons of corn to undisclosed international buyers.

CBOT July corn was down 1/4 cent, priced at $4.70 per bushel.

Soybeans
  • Down 9 to 10 cents per bushel

Soybean prices declined as consistent planting progress and increasing international trade pressures impacted the market.

Data released by the Agriculture Ministry on Tuesday revealed that Argentine farmers’ soybean sales have slowed to their lowest level in 11 years, despite President Javier Milei’s implemented easing of exchange controls intended to expedite soy sales.

CBOT July soybeans were last down 3-1/2 cents, trading at $10.59 per bushel.