CBOT Trends-Wheat up 1-2 cents, corn up 1-2 cents, soybeans up 1-4 cents
CHICAGO, March 27 (Reuters) - The 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. CDT (1330 GMT) on Friday:
WHEAT - Up 1 to 2 cents per bushel
Wheat futures mostly firmed, following crude oil higher, as investors monitored developments in the Middle East amid mixed signals from the U.S. and Iran about efforts to end the war.
U.S. President Donald Trump announced a new extension of his deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy plants, after Iran rejected his 15-point proposal to end the war he launched with Israel.
Iran - which has said it is not in talks with the U.S. - continued to retaliate against U.S. and Israeli strikes by hitting Israel and U.S. bases, striking Gulf states and effectively blocking Middle East fuel exports via the Strait of Hormuz.
Algeria’s state grains agency OAIC bought around 690,000 metric tons of milling wheat in an international tender that closed on Thursday, European traders said.
The European Commission forecast that usable production of common wheat, or soft wheat, would fall to 125.9 million metric tons in 2026/27 from 134.2 million this season.
CBOT May soft red winter wheat WK26 was last up 2-1/2 cents at $6.07-1/2 per bushel. K.C. May hard red winter wheat KWK26 was last up 4-1/2 cents at $6.31-1/4 a bushel and Minneapolis May spring wheat MWEK26 was trading 1-1/2 cents higher at $6.46-1/2 per bushel.
CORN - Up 1 to 2 cents per bushel
Corn futures firmed, gaining strength from wheat and oil prices. O/R
The Iran war has upended the planting intentions of U.S. farmers, resulting in fewer acres of corn and the lowest quantity of spring wheat planted since 1970 as rising fertilizer and fuel costs and low grain prices dim the outlook for profits, analysts said ahead of a U.S. government report due on Tuesday.
Dry conditions in the U.S. Plains, particularly in Nebraska, are expanding ahead of planting season and current drought maps are similar to those seen at this time of year in 2012, one of the most severe drought years in U.S. history. Traders noted weather conditions can quickly change and rain is forecast for the eastern Corn Belt going into next week.
However, some market analysts say if drought conditions do continue, problems could emerge related to irrigation and government-mandated restrictions on water use in some of these areas. Reduced access to irrigation water can impact crop yields.
Argentina said it will allow firms to voluntarily blend up to 15% bioethanol in gasoline, in a bid to curb the impact from higher oil prices.
CBOT May corn CK26 was last up 2 cents at $4.69 per bushel.
SOYBEANS - Up 1 to 4 cents per bushel
Soybeans were higher, following grains and strength in the oil market.
Grain and oilseed prices have broadly tracked fluctuations in crude oil during the U.S.-Israeli war on Iran, underscoring the role of corn and soyoil in biofuels.
Traders are awaiting a possible announcement of revised U.S. biofuel targets at a White House event later today.
Soybean seedings this spring are expected to jump as some U.S. growers shift acres away from corn and wheat, which require more costly fertilizer, analysts said ahead of a U.S. government report due on Tuesday.
CBOT May soybeans SK26 were last up 1/2 cent at $11.74-1/4 per bushel.
