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CBOT Trends-Wheat down 2-3 cents, corn steady-up 1 cent, soybeans up 2-4 cents

ReutersDec 24, 2024 2:25 PM

- 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. CST (1430 GMT) on Tuesday.

CBOT markets close early at 12:05 p.m. CST on Tuesday and reopen at 8:30 a.m. CST on Thursday.

WHEAT - Down 2 to 3 cents per bushel

Wheat weakened as traders adjusted positions ahead of the Christmas holiday on Wednesday.

Harvesting wound down in exporters Australia and Argentina, making more supplies available on the international market, analysts said.

Precipitation may move through a dry U.S. Central and Southern Plains region over the next week, analysts said, benefiting the hard red winter wheat crop.

The dollar defended recent gains over a basket of other currencies. A stronger dollar tends to make U.S. grain exports less competitive on the global market.

CBOT March soft red winter wheat WH25 was last down 2 cents at $5.38-1/2 a bushel. K.C. March hard red winter wheat KWH25 was last down 3/4 cent at $5.50-1/4 a bushel and Minneapolis March spring wheat MWEH25 was last up 1/4 cent at $5.95-3/4 a bushel.

CORN - Steady to up 1 cent per bushel

Corn traded nearly flat as dry weather continued to threaten Argentina's crop.

Argentina is experiencing dryness but precipitation that would benefit the crop is possible over the next two weeks, according to Commodity Weather Group.

CBOT March corn CH25 was last up 1/4 cent at $4.48 a bushel.

SOYBEANS - Up 2 to 4 cents per bushel

Soybeans Sv1 continued to recover from four-year lows reached last week as traders adjusted positions in pre-holiday trading.

Regular showers will continue in top-exporter Brazil, which is expecting a record large crop, according to analysts.

CBOT January soybeans SF25 were last up 3 cents at $9.72-1/2 per bushel.

(Reporting by Renee Hickman)

((renee.hickman@thomsonreuters.com))

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