Wheat down 10-15 cents, corn down 8-12, soybeans down 25-35
- Wheat retreats on fund selling and profit taking after multi-year highs last week.
- Actively traded March corn fell and filled a technical chart gap left after last week's steep price rally.
CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT - Down 10 to 15 cents per bushel
Wheat retreats on fund selling and profit taking after multi-year highs last week. Selling stoked further by spillover pressure from lower corn and soy and from a firmer US dollar.
CBOT March soft red winter wheat last traded down 14-1/2 cents at $6.57-3/4 per bushel. K.C. March hard red winter wheat fell 10 cents to $6.34 per bushel. MGEX March spring wheat was 8-1/4 cents lower at $6.35-1/4 per bushel.
CORN - Down 8 to 12 cents per bushel
Corn down for a third straight session, pressured by fund and technical selling and profit-taking amid improved rains in dry South American crop areas.
Actively traded March corn fell and filled a technical chart gap left after last week's steep price rally.
CBOT March corn was last down 11 cents at $5.15 per bushel.
SOYBEANS - Down 25 to 35 cents per bushel
Soybeans tumble for a third straight session on fund selling and profit-taking following last week's 6-1/2 year highs and as favorable rains soaked crops in South America.
Soybeans slump despite solid export demand and some concerns about shipments from Argentina. Agro-export companies in Argentina are concerned about truckers blocking roads in protest at high taxes and highway tolls, making it harder for grains to reach export facilities.
US soybean imports by China in 2020 rose by 52.8% from a year earlier, customs data showed on Wednesday, though the buying likely fell short of targets in the Phase 1 trade deal.
CBOT March soybeans were last 32-1/4 cents lower at $13.53-1/2 per bushel.
Comments
Comments are closed.