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Wheat down 5-6 cents, corn and soy down 1-2 cents

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. CST (1430 GMT) on Wednesday.

WHEAT – Down 5 to 6 cents per bushel

* Wheat futures tipped down as a rising dollar curbed prices while traders adjusted positions ahead of government crop data on Friday.

* A higher dollar makes U.S. grain more expensive overseas, and the currency’s strength has underscored concerns about tepid export demand for U.S. grain.

* Wheat has found some support this week in an estimated decline in crop conditions last month in Kansas, the biggest U.S. winter wheat producing state.

* CBOT March soft red winter wheat (WH25) was last down 6-1/2 cents at $5.36 a bushel. K.C. March hard red winter wheat (KWH25) was down 6-1/4 cents at $5.49-1/2 a bushel and Minneapolis March spring wheat (MWEH25) was 6-3/4 cents lower at $5.88 a bushel.

CORN – Down 1 to 2 cents per bushel

* Corn futures edged lower as forecasts for rain in Argentina and a strengthening dollar weighed on prices.

* Rain projected over parts of Argentina’s corn belt is expected to ease heat stress, though the showers are likely to miss the majority of the country’s corn-growing areas, an analyst note said.

* CBOT March corn (CH25) was last down 2 cents at $4.56 a bushel.

SOYBEANS – Down 1 to 2 cents per bushel

* Soybean futures ticked lower as traders assessed rain chances in dry, soy-growing regions of Argentina.

* Dry weather is also limiting soybean development in Brazil’s southernmost state, putting farmers on alert there at the same time as excessive rain is set to disrupt early harvest work in central areas of the country, according to meteorologists.

* Uncertainty surrounding incoming U.S. President Donald Trump’s trade policies continues to add volatility to markets.

* U.S. exporters sold 120,000 metric tons of soybeans to unknown destinations for 2024/25 delivery, the U.S. Department of Agriculture reported.

* CBOT March soybeans (SH25) were last down 2-1/2 cents to $9.94 per bushel.
Source: Reuters

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