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Wednesday, May 18, 2022

Wheat down 4-5 cents, corn down 2-3, soybeans down 7-9

Wheat down 4-5 cents, corn down 2-3, soybeans down 7-9CHICAGO: Following are US trade 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 – Down 4 to 5 cents per bushel

Wheat heading lower for a third straight session on technical selling and pressure from the US Department of Agriculture’s larger-than-expected US wheat production forecast.  CBOT July wheat is testing psychological support at the $5-per-bushel mark.

Statistics Canada reported Canadian all-wheat stocks as of March 31 at 16.4 million tonnes, below an average of trade expectations for 16.9 million.

The CBOT reported 41 May wheat deliveries, the first of the cycle, and no K.C. May wheat deliveries. The MGEX reported no May spring wheat deliveries.

CBOT July soft red winter wheat last down 5-1/2 cents at $5.01 per bushel. K.C. July hard red winter wheat last down 4-3/4 cents at $5.22-1/4 and MGEX July spring wheat was down 2-1/2 cents at $6.06-1/2 a bushel.

CORN – Down 2 to 3 cents per bushel

Corn lower on technical selling and spillover weakness from soybeans and wheat. CBOT July corn dipped to $3.98-1/4 a bushel, its lowest since April 27.

The USDA in Thursday’s supply/demand report left its 2017/18 US corn ending stocks forecast unchanged at 2.182 billion bushels and projected 2018/19 ending stocks at 1.682 billion bushels, above the average trade estimate of 1.628 billion.

The CBOT reported 33 deliveries against May corn futures.

CBOT July corn last down 3-1/4 cents at $3.98-3/4 a bushel.

SOYBEANS – Down 7 to 9 cents per bushel

Soybeans lower on technical selling ahead of the weekend, with the CBOT July contract falling below its 200-day moving average near $10.16 a bushel. Traders shifting their focus after Thursday’s USDA supply/demand reports back to US crop weather.

Statistics Canada reported Canadian canola stocks as of March 31 at 9.1 million tonnes, below an average of trade expectations for 9.4 million.

Deliveries against CBOT May soybeans totaled 68 contracts. The CBOT reported no May soymeal deliveries and 45 May soyoil deliveries.

CBOT July soybeans last down 8-1/2 cents at $10.12-3/4 per bushel.

Copyright Reuters, 2018

Source: Brecorder

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