CBOT soybean spread firms on export demand, tight cash

CHICAGO: Front-month March soybean contracts on the Chicago Board of Trade gained against May contracts on spreads on Thursday, supported by export demand for soybeans out of the Pacific Northwest, traders said.

As of 11:16 a.m. CST (1716 GMT), March soybeans, which is in delivery, was up 9-3/4 cents at $14.94-1/4 per bushel while May was down 1 cent at $14.65.

Wheat spreads were volatile. CBOT March wheat has been gaining on May wheat but the spread eased at midday Thursday as May wheat turned higher, extending its premium against March. March wheat was up 3/4 cent at $6.77 while May rose 2-1/4 cents to $6.86 by 11:26 a.m. CST (1726 GMT).

Commercial Term Commodities has been a significant stopper of CBOT March wheat deliveries and there was talk the firm was also buying receipts for deliverable CBOT wheat.