CHICAGO: 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 Tuesday.
WHEAT – Steady to down 1 cent per bushel
Modestly weaker on technical selling and profit-taking after the CBOT July contract reached $5.14-1/2 in early moves, its highest since mid-March. Traders await results of the Wheat Quality Council’s annual Kansas wheat tour, which began scouting fields on Tuesday.
The CBOT reported no May wheat deliveries and 159 K.C. May wheat deliveries. The MGEX reported 154 May spring wheat deliveries.
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The USDA late Monday rated 33 percent of the US winter wheat crop in good to excellent condition, up from 31 percent a week earlier.
The USDA said the US spring wheat crop was 10 percent seeded by Sunday, behind the five-year average of 36 percent.
CBOT July soft red winter wheat last traded down 1/2 cent at $5.10 per bushel. K.C. July hard red winter wheat was last down 3-1/2 cents at $5.34 and MGEX July spring wheat was down 5 cents at $6.10-1/2 a bushel.
CORN – Up 1 to 2 cents per bushel
Firmer, awaiting direction from US planting weather. Market supported by worries about dry conditions stressing Brazil’s second-crop corn.
The USDA late Monday said the US corn crop was 17 percent planted by Sunday, roughly in line with trade expectations but behind the five-year average of 27 percent.
The CBOT reported 576 deliveries against May corn futures, with the Term house account issuing 555 lots and no clear commercial stoppers.
CBOT July corn last traded up 1-1/2 cents at $4.02-1/4 a bushel.
SOYBEANS – Down 2 to 3 cents per bushel
Lower on technical selling and follow-through momentum from Monday’s downturn.
The USDA late Monday said the US soybean crop was 5 percent planted, matching the five-year average.
Deliveries against CBOT May soybeans totaled 145 contracts. The CBOT reported 52 May soymeal deliveries and 265 May soyoil deliveries.
Source: Brecorder
