Wheat down 5-6 cents, soy down 3-4, nearby corn up 3-4
- Wheat futures lower on improved US winter wheat condition ratings and ideas that Russia might relax grain export controls.
- Weekly winter wheat condition ratings improved in the last week in Kansas and Oklahoma while holding steady in Texas, the US Department of Agriculture said Monday.
CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) 8:30 a.m. CDT (1330 GMT) on Tuesday.
WHEAT - Down 5 to 6 cents per bushel
Wheat futures lower on improved US winter wheat condition ratings and ideas that Russia might relax grain export controls.
Weekly winter wheat condition ratings improved in the last week in Kansas and Oklahoma while holding steady in Texas, the US Department of Agriculture said Monday.
Russia is prepared to stop interfering in the regulation of grain exports when the market stabilizes, the Interfax news agency cited Agriculture Minister Dmitry Patrushev as saying.
Germany's 2021 wheat crop of all types will increase slightly by 0.9% on the year to 22.34 million tonnes, the country's association of farm cooperatives said in its first harvest estimate.
CBOT May soft red winter wheat last traded down 6 cents at $6.39 per bushel. K.C. May hard red winter wheat was last down 8-1/4 cents at $5.98-1/2 a bushel and MGEX May spring wheat was down 6-1/2 cents at $6.32-1/2.
CORN - Nearby contracts up 3 to 4 cents per bushel
Nearby corn gaining against back months on firm cash markets and larger-than-expected weekly US export inspections reported Monday by the US Department of Agriculture at 2.2 million tonnes. News of fresh export sales to China may lend additional support.
The USDA confirmed private sales of 1.156 million tonnes of US corn to China for delivery in the 2020/21 marketing year that began Sept. 1, 2020. The announcement was USDA's first "flash" sales announcement of grain to China since Jan. 29.
CBOT May corn was last up 4 cents at $5.53-1/2 per bushel while new crop December was last down 1-3/4 cents at $4.77.
SOYBEANS - Down 3 to 4 cents per bushel
Soybeans head lower on signs of softening demand and harvest progress in Brazil despite recent rain disruption. CBOT soyoil futures retreat on profit-taking after a series of life-of-contract highs set in recent weeks.
CBOT May soybeans were last down 3 cents at $14.16-1/2 per bushel; new-crop November last down 4-1/2 cents at $12.39-1/2.
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