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CBOT Trends-Wheat up 1-2 cents per bushel, corn and soy up 1-3 cents

ReutersJan 15, 2025 2:22 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 Wednesday.

WHEAT - Up 1 to 2 cents per bushel

* Wheat futures Wv1 ticked up following corn and soybeans as the market awaited direction, analysts said.

* Jordan's state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said.

* CBOT March soft red winter wheat WH25 was last up 2 cents at $5.48-1/4 a bushel. K.C. March hard red winter wheat KWH25 was down 2 cents to $5.58-3/4 a bushel, and Minneapolis March spring wheat MWEH25 was up 2 cents to $5.91-1/2 a bushel.

CORN - Up 1 to 3 cents per bushel

* Corn futures Cv1 paused their ascent after reaching their highest level in a year on Tuesday on concerns about tightening supplies.

* Higher prices inspired farmer selling and curbed the rally, analysts said, after the U.S. Department of Agriculture reported lower-than-expected U.S. production estimates on Friday.

* Some weather forecasts show weekend showers bringing relief to Argentine corn stressed by a heat wave, while rains this week in Brazil aided crop development, according to Commodity Weather Group.

* CBOT March corn CH25 was last up 3 cents to $4.77-1/2 per bushel.

SOYBEANS - Up 1 to 3 cents per bushel

* Soybean futures Sv1 firmed after reaching their highest level since early October on Tuesday, after the USDA on Friday made a larger-than-expected cut to its U.S. production estimate.

* Farmers began selling soy to take advantage of higher prices, dealers and analysts said, slowing the rally.

* Exporter group ANEC raised its export forecast for Brazil in January to 2.19 million tons.

* The U.S. soy crush is expected to have reached a record high in December, boosted by ample crushing supplies and expanded processing capacity, according to analysts polled ahead of a National Oilseed Processors Association report due on Wednesday.

* CBOT March soybeans SH25 were last up 2-1/2 cents to $10.50 per bushel.

(Reporting by Renee Hickman)

((renee.hickman@thomsonreuters.com))

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