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.


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.