Wheat up 3-5 cents, corn up 1-3 cents, soy down 2-4 cents
DBA•Ahead of Thursday’s CBOT open, wheat was expected to rise 3 to 5 cents per bushel and corn 1 to 3 cents, while soybeans were expected to fall 2 to 4 cents.
1. Wheat and corn higher
Wheat futures turned higher after reaching a six-week low, supported by increased global export activity, including a Saudi Arabian tender for an estimated 535,000 metric tons. Corn futures rose on bargain-buying after the most-active December contract also hit a six-week low; traders continued to assess larger-than-expected U.S. corn stocks.
2. Soybeans edge lower
Soybean futures ticked lower as forecasts for improving U.S. Midwest harvest weather weighed on sentiment. Managed commodity funds held a large net long position as of September 22, while weekly U.S. soybean export sales of 1,033,500 metric tons exceeded trade expectations of 850,000 to 1 million tons.
3. Last futures prices
December CBOT wheat was last up 4-1/2 cents at $6.80-1/4 per bushel, and December corn was up 1-1/2 cents at $5.02-1/4. November soybeans were last down 3-1/2 cents at $12.89-1/2 per bushel.
