CBOT Pre-market Preview: Wheat down by 3 to 5 cents, corn flat to down 2 cents, soybeans up by 1 to 5 cents
- The Chicago Board of Trade's Monday opening forecast shows wheat futures falling by 3 to 5 cents per bushel, due to weak export demand and expected rainfall in the US Plains beneficial for crop growth. Falling crude oil prices are also putting pressure on wheat, while the US and Iran are weighing a framework to end five weeks of conflict.
- Forecasts indicate rain will occur in the eastern two-thirds of the Plains wheat belt over the next 10 days, while the probability of rain in the westernmost third is lower. The latest CBOT May soft red winter wheat fell by 4 cents to $5.9425, Kansas May hard red winter wheat fell by 7.25 cents to $6.085, and Minneapolis May spring wheat fell by 3 cents to $6.4375.
- Corn futures were flat to down by 2 cents per bushel, impacted by spread trading and weaker crude oil prices. The latest CBOT May corn fell by 0.5 cent to $4.5175.
- Soybean futures rose by 1 to 5 cents per bushel, supported by spread trading and higher soybean meal futures. As traders assess South American crops and US export potential, prices remain locked within a narrow range. The latest CBOT May soybeans rose by 4.75 cents to $11.6825.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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