Wheat up 5-6 cents, corn up 2-4 cents, soy up 10-13 cents

Dec 30, 202414:28 UTC

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 Monday.

NOTE: Tuesday is the first notice day for deliveries against CBOT January futures contracts. U.S. markets will be closed on Wednesday for New Year's Day.

WHEAT - Up 5 to 6 cents per bushel

* Wheat futures head higher on spillover strength from corn and soybeans, as well as short-covering ahead of the year's end.

* Russian wheat export prices rose last week, tracking global prices, with analysts expecting weak export activity due to the upcoming long New Year holiday.

* The Russian state weather forecasting agency sees worsening conditions for winter cereals in January in Russia's central and Volga regions.

* CBOT March soft red winter wheat (WH25) was last up 5-1/4 cents at $5.51-3/4 a bushel. K.C. March hard red winter wheat (KWH25) was last up 5-3/4 cents at $5.60-1/4 a bushel and Minneapolis March spring wheat (MWEH25) was last up 3-1/2 cents at $5.98-3/4 a bushel.

CORN - Up 2 to 4 cents per bushel

* Corn futures head higher, with the benchmark March contract (CH25) notching a six-month high, on worries about dry weather building in Argentina, technical buying and follow-through strength from last week's strong weekly U.S. export sales data.

* CBOT March corn (CH25) stayed above its 200-day moving average after crossing above that line last week for the first time since May, a bullish technical signal.

* CBOT March corn (CH25) was last up 3-3/4 cents at $4.57-3/4 a bushel.

SOYBEANS - Up 10 to 13 cents per bushel

* Soybeans seen higher as soymeal futures (SMv1) climb on end-year short-covering and concern about dry weather in Argentina, the world's top supplier of soy products.

* Commodity funds hold a sizable net short position in CBOT soymeal futures, leaving the market prone to bouts of short-covering. The U.S. Commodity Futures Trading Commission is scheduled to release it latest weekly Commitments of Traders report later on Monday, delayed from Friday due to last week's Christmas holiday.

* The U.S. Department of Agriculture confirmed private sales of 23,000 metric tons of U.S. soyoil to India for 2024/25 delivery.

* CBOT March soybeans (SH25) were last up 12-1/2 cents at $10.02-1/4 per bushel.