CBOT Trends – Wheat down 25-30 cents, Soybeans up 5 cents, Corn down 5-7 cents


CHICAGO, May 31 (Reuters) – Here are U.S. trade expectations for the resumption of complex grain and soybean trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT – Down 25 to 30 cents

* Wheat sinks after Russian President Vladimir Putin said he was ready to allow shipments of grain that had been stuck in Ukrainian ports since Russia invaded Ukraine in February.

* July CBOT reference contract soft red winter wheat
fell below its 20-day moving average during the overnight trading session.

* CBOT July Soft Red Winter Wheat last traded down 29 cents at $11.28-1/2 a bushel. KC July hard red winter wheat
was last down 26-3/4 cents at $12.08-1/2 a bushel, while July MGEX spring wheat was last down 22 cents at $12.82-3/4.

CORN – Down 5 to 7 cents per bushel

* Wheat weakness weighs on the corn market, with traders focusing on the U.S. Department of Agriculture’s report on crop progress and conditions to be released after the close.

* The market expected good conditions across much of the U.S. Midwest last week to allow growers to plant enough corn to bring planting closer to the usual schedule after weeks of delays earlier this spring.

* CBOT July corn last traded down 5-1/4 cents at $7.72 a bushel.

SOYBEANS – Stable down to 5 cents per bushel

* Soybean futures hit their highest level since February 24 overnight, supported by strength in crude oil futures and lingering concerns over planting progress in the northern plains the United States.

*July CBOT benchmark soybean futures price ended overnight trading off its peak after hitting resistance near the top of its 20-day Bollinger range.

*July CBOT Soybeans last traded up 3/4 cent at $17.33 a bushel. (Reporting by Mark Weinraub; Editing by Jason Neely) ((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net)) Keywords: USA GRAINS/CBOT

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