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CBOT Trends-CBOT soy up 18-22 cents, corn up 3-4 cts, wheat up 7-10 cts

ReutersJan 21, 2025 2:29 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.

WHEAT - Up 7 to 10 cents per bushel

* Wheat futures Wv1 up on spillover strength from soybeans and corn along with a setback in the dollar, which tends to make U.S. grains more competitive globally.

* Market players eyeing frigid weather in the U.S. Midwest and Plains that could threaten dormant winter wheat crops.

* Russian wheat export prices declined last week in the face of competitive offers from other global exporters.

* CBOT March soft red winter wheat WH25 was last up 9-3/4 cents at $5.48-1/2 a bushel. K.C. March hard red winter wheat KWH25 was last up 10 cents at $5.58-1/2 a bushel, and Minneapolis March spring wheat MWEH25 was up 7-1/2 cents at $5.91 a bushel.

CORN - Up 3 to 4 cents per bushel

* Benchmark corn futures Cv1 climbed to a 13-month high on worries about crop weather in Argentina, the world's No. 3 corn producer, and the fact that President Trump did not lay out any concrete plans regarding tariffs on close trade partners. Trump said he was thinking about imposing duties on Canadian and Mexican goods as early as Feb. 1.

* Recent rains in Argentina's agricultural heartland have not alleviated concerns that ongoing drought could further hurt crop yields, the Rosario grains exchange said in a report released on Monday.

* A drop in the dollar lent support, making U.S. grains more attractive to those holding other currencies.

* Managed commodity funds expanded their net long position in CBOT corn futures as of Jan. 14 to their most bullish stance since May 2022, leaving the market vulnerable to bouts of long liquidation.

* CBOT March corn CH25 was last up 3-3/4 cents at $4.88 per bushel, after rising to $4.90-1/2 a bushel in early moves.

SOYBEANS - Nearby contracts 18 to 22 cents per bushel

* Soybean futures Sv1 climbed on worries about crop weather in Argentina and the fact that President Trump did not lay out any immediate, concrete plans regarding tariffs on close trade partners.

* Recent rains in Argentina's agricultural heartland have not alleviated concerns that ongoing drought could further hurt crop yields, the Rosario grains exchange said in a report released on Monday.

* Brazil's Abiove oilseed group raised its estimate of the South American country's soybean crop to 171.7 million metric tons, up from its December forecast of 168.7 million tons.

* Brazil's soybean harvest reached 1.7% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, the lowest level for this time of year since the 2020/21 cycle.

* Managed commodity funds flipped to a net long position in CBOT soybean futures as of Jan. 14 for the first time in a year, leaving the market open to bouts of long liquidation.

* CBOT March soybeans SH25 were last up 21-1/2 cents at $10.55-1/2 per bushel.

(Reporting by Julie Ingwersen)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))

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