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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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