CBOT Trends-Wheat and corn up 1-2 cents, soybeans up 2-3
CHICAGO, July 24 (Reuters) - The following are U.S. expectations for the resumption of grain and soy complex trading Thursday.
WHEAT - Up 1 to 2 cents per bushel
Wheat futures clawed back some of their losses from a day before, although expectations of plentiful global supply limited the recovery and held prices near recent lows.
U.S. wheat is now cheaper than wheat from Europe or top exporter Russia, where a large harvest is beginning to flow into the market.
Yields for U.S. spring wheat crops in northern North Dakota are likely to fall from last year's record per-acre output but remain above the five-year average, the Wheat Quality Council said on an annual tour on Wednesday.
Net U.S. wheat export sales for the week ended July 17 came in at 712,000 metric tons, landing on the high end of a range of trade estimates.
CBOT September soft red winter wheat WU25 was last up 2-3/4 cents to $5.43-1/4 per bushel. K.C. September hard red winter wheat KWU25 was last up 4-1/4 cents to $5.27-1/4 per bushel. Minneapolis September wheat MWEU25 was last up 1/4 cent to $5.90-1/4 a bushel.
CORN - Up 1 to 2 cents per bushel
Corn futures rose slightly, but forecasts for crop-friendly rain in U.S. grain belts capped any gains.
Net U.S. corn export sales clocked in at 643,100 metric tons for the 2024-2025 marketing year, in line with trade estimates.
U.S. exporters sold 135,000 tons of corn to China for 2025/26 delivery and 284,196 tons of corn to unknown destinations, the U.S. Department of Agriculture reported on Thursday morning.
CBOT December corn CU25 was last up 2 cents to $4.19-1/2 per bushel.
SOYBEANS - Up 2 to 3 cents per bushel
Soybeans increased amid news that China will reduce hog production and look for alternatives to soybean meal in feed rations.
A Chinese buyer has signed a deal this week to import 30,000 metric tons of Argentine soymeal, as animal feed producers ramp up purchases to take advantage of softer prices in the South American market, three trade sources told Reuters on Thursday.
Beneficial weather has continued to weigh on soy futures.
Net soybean export sales hit 160,900 metric tons for the 2024-2025 marketing year, on the low end of a range of trade estimates.
CBOT November soybeans SX25 were last up 3-1/4 cents to $10.26 per bushel.
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