CBOT Trends-Wheat up 7-13 cents, corn up 3-5, soy up 3-5

CHICAGO, May 12 (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 Tuesday:

WHEAT - Up 7 to 13 cents per bushel

  • CBOT wheat Wv1 futures rallied as the condition of U.S. crops worsened more-than-expected and a stalemate in U.S.-Iran peace talks raised the risk of continued disruption to fuel and fertiliser supplies from the Gulf.

  • The U.S. Department of Agriculture (USDA) on Monday rated 28% of the U.S. winter wheat crop in good-to-excellent condition, down from 31% a week earlier and the lowest for this time of year since 2022.

  • Analysts had on average expected the good/excellent rating to improve slightly to 32%.

  • Nearly half of the hard red winter wheat crop in the U.S. Southern Plains will continue to be stressed by dry weather this week, according to Commodity Weather Group,.

  • CBOT July soft red winter wheat WN26 was last up 12-1/4 cents at $6.46-1/4 a bushel. K.C. July hard red winter wheat KWN26 was last up 16-1/4 cents at $7.02-1/2 a bushel, and Minneapolis July spring wheat MWEN26 was up 11-1/4 cents at $6.97-3/4 a bushel.

CORN - Up 3 to 5 cents per bushel

  • CBOT corn moved up as oil prices continued to track higher, extending their gains after U.S. President Donald Trump said Monday that the ceasefire with Iran was "on life support". O/R

  • Corn has tended to follow crude oil during the Iran war because corn is widely used for the biofuel ethanol.

  • The conflict also threatens to weigh on farm production through higher fertiliser and energy costs.

  • CBOT July corn CN26 was last up 4-1/4 cents at $4.79-1/2 per bushel.

SOYBEANS - Up 3 to 5 cents per bushel

  • Soybean futures also climbed on rising oil prices, with soyoil used to make biofuel.

  • Soybeans received additional support from expectations that China would make soybean purchases as U.S. President Donald Trump and Chinese President Xi Jinping are set to meet later this week.

  • CBOT July soybeans SN26 were last up 4-1/2 cents at $12.17-1/2 per bushel.


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