Chicago Board of Trade grains and soya complex closing trends on Wednesday. May wheat down 1-1/4 cents at $4.74-3/4 a bushel. Profit-taking after the technical short-covering bounce on Tuesday. Plentiful supply of wheat continues to act as an anchor on the market.
May corn up 5-1/2 cents at $3.58 per bushel. Prices settle at highest level since March 24 on indications of tight cash markets, weak dollar and firm crude oil. Funds bought an estimated 8,000 lots. CBOT confirmed ADM cancelled 40 contracts of corn registered for delivery, a sign of firming cash markets.
May soyabeans up 1 cent at $9.69 a bushel; November up 1-1/4 cents at $9.46-1/4. Technical picture bullish early but nearby contract gave up gains after briefly breaking resistance point at 200-day moving average of $9.74-1/4. Reports of farmer sales in South America added pressure to the market, limiting gains. Funds bought an estimated 1,000 lots. Taiwan's BSPA-T to buy 45,000 tonnes of Brazilian soybeans from Cargill.
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