CBOT Trends-Wheat up 12-18 cents, corn up 3-6, soy up 6-8

- 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 Wednesday.

WHEAT - Up 12 to 18 cents per bushel

  • CBOT wheat gained more ground on Wednesday, as attacks on Black Sea grain cargoes and lower U.S. production estimates from a crop tour underscored worries over global supplies.

  • Wheat prices have climbed in recent weeks after attacks on grain ships and port infrastructure in the Black Sea and the Sea of Azov by both Ukraine and Russia.

  • Crop scouts on the first day of an annual three-day tour of North Dakota's hard red spring wheat crop projected an average yield in the southern portion of the state at 46.0 bushels per acre.

  • That figure was 8% below the estimate for the same area last year and just above the five-year average of 45.8 bpa.

  • CBOT September soft red winter wheat WU26 was last up 20 cents at $6.98 per bushel. K.C. September hard red winter wheat KWU26 was up 17-1/2 cents at $7.50-1/2 per bushel, while Minneapolis September spring wheat MWEU26 rose 11-3/4 cents to $7.16 per bushel.

CORN - Up 3 to 6 cents per bushel

  • Corn turned higher as rising crude oil prices underpinned futures. Corn is commonly used as a feedstock for biofuel.

  • Forecasts for hot, dry weather in the U.S. Midwest will add stress to the region's corn crop.

  • CBOT December corn CZ26 was last up 7 cents to $4.82-1/4 per bushel.

SOYBEANS - Up 6 to 8 cents per bushel

  • Soybean futures firmed, tracking higher crude prices amid escalating tensions in the Middle East, which have curtailed global oil supplies.

  • CBOT November soybeans SX26 were last up 8-3/4 cents to $12.31-1/2 per bushel.