CBOT Trends-Wheat up 2-3 cents, corn steady-up 1, soy up 6-7

CHICAGO, June 3 (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 Wednesday.

WHEAT - Up 2 to 3 cents per bushel

  • CBOT wheat futures rose on a technical bounce, though ample wheat supply and favorable global harvest prospects remained a ceiling on prices.

  • Improved weather globally plus the onset of Northern Hemisphere wheat harvesting have weighed on grain prices, turning attention away from the Iran war and drought damage to U.S. wheat.

  • Ukrainian winter wheat, rye and barley crops are mostly in good and satisfactory condition so far this year, Ukraine's state weather forecasters said.

  • Russia's IKAR consultancy said on Wednesday that it sees Russia's 2026 wheat crop at 91.5 million metric tons, up from 90 million metric tons expected previously.

  • CBOT July soft red winter wheat WN26 was last up 2-3/4 cents to $6.05-3/4 a bushel. K.C. July hard red winter wheat KWN26 was last up 1 cent to $6.35-3/4 a bushel, while Minneapolis July spring wheat MWEN26 was 2-3/4 cents higher to $6.39-3/4 a bushel.

CORN - Steady to up 1 cent per bushel

  • Corn futures were choppy, gaining support from higher crude oil prices, though good harvest prospects weighed.

  • Grain markets are also monitoring for any Chinese purchases of U.S. crops after Beijing agreed to expand agricultural trade at a mid-May summit with Washington.

  • U.S. exporters sold 136,000 metric tons of corn to South Korea for 2026/2027 delivery, the USDA reported.

  • CBOT July corn CN26 was last up 1/2 cent to $4.41 per bushel.

SOYBEANS - Up 6 to 7 cents per bushel

  • Soybean futures turned higher on support from rising crude oil prices. Soybeans often track oil prices as the oilseed is a feedstock for biofuel.

  • Oil prices rose more than 2% on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted anew and talks between Tehran and Washington showed little progress. O/R

  • CBOT July soybeans SN26 were last 6-1/2 cents higher to $11.71-3/4 per bushel.


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.