Wheat steady-down 4 cents, corn mixed, soybeans steady-up 3
CHICAGO: The following are U.S. 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 Wednesday.
Wheat - Steady to down 4 cents per bushel
CBOT wheat futures fell as a sharp improvement in U.S. crop conditions reinforced supply pressure this week.
The USDA rated 54% of the U.S. winter wheat crop in good to excellent condition, up 3 percentage points from last week and the highest for this time of year since 2019. Analysts surveyed by Reuters on average had expected no change in ratings.
South Korea's Major Feedmill Group (MFG) purchased about 64,000 metric tons of animal feed wheat to be sourced from optional worldwide origins in a private deal on Wednesday without issuing an international tender, European traders said.
CBOT July soft red winter wheat was last down 3-3/4 cents at $5.13-1/2 per bushel. K.C. July hard red winter wheat was last down 3-1/2 cents at $5.08-1/4 a bushel, while Minneapolis July spring wheat was last down 7-1/2 cents to $5.73-1/4 a bushel.
Soybeans hit 9-month high on biofuel tax credit proposal, trade optimism
Corn - Up 3/4 cent to down 3 cents per bushel
Most corn contracts were lower as brisk U.S. planting offset lower than expected U.S. government forecasts of corn stocks.
U.S. farmers had planted 62% of the nation's corn crop by Sunday, higher than an average of analyst expectations and ahead of the five-year average for this time of year of 56%, the USDA said in a weekly crop report on Monday.
Brazil signed protocols with China on Tuesday to allow exports of an ethanol by-product used in animal feed, challenging U.S. dominance in the market amid the ongoing China-U.S. trade standoff.
Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 65,000 metric tons of animal feed corn in an international tender seeking up to 138,000 tons on Wednesday, European traders said.
CBOT July corn was last down 2-1/4 cents at $4.40-1/4 per bushel.
Soybeans - Steady to up 3 cents per bushel
Soybean futures firmed as a proposal to extend a U.S. biofuel tax credit and a truce in a U.S.-China trade dispute boosted hopes for more demand.
On Monday a deal between China and the U.S. was announced to temporarily reduce reciprocal tariffs, boosting hopes for revived Chinese demand for U.S. farm goods.
U.S. House lawmakers unveiled a proposal on Monday to extend the clean fuel tax credit (45Z) until December 31, 2031, which could sustain demand for soyoil as a feedstock for the expanding U.S. renewable diesel industry.
South Korea's Major Feedmill Group (MFG) purchased about 60,000 metric tons of soymeal expected to be sourced from South America in a private deal on Wednesday without an international tender being issued, European traders said.
CBOT July soybeans were last up 2-1/2 cents at $10.75 per bushel.
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