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CBOT Trends-Wheat up 3-4 cents, corn up 2-3, soy down 1-up 2

ReutersApr 9, 2025 1:08 PM

- 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. CDT (1330 GMT) on Wednesday.

NOTE: The U.S. Department of Agriculture's monthly supply and demand report will be released on Thursday.

WHEAT - Up 3 to 4 cents per bushel

* CBOT wheat futures ticked higher on weather risks, a weakening dollar and technical trading, despite a full-blown trade war that has erupted between the United States and China.

* China raised its tariffs on U.S. goods to 84% from 34% on Wednesday.

* Dryness has continued to linger over roughly a third of wheat in the U.S. Plains, posing a risk to the nascent wheat crop, an analyst note said.

* CBOT May soft red winter wheat WK25 was last up 4-3/4 cents to $5.44-3/4 per bushel. K.C. May hard red winter wheat KWK25 was last up 7-3/4 cents to $5.69-1/4 a bushel and Minneapolis May spring wheat MWEK25 was last up 4 cents to $6.05 a bushel.

CORN - Up 2 to 3 cents per bushel

* Corn futures ticked higher on a softer dollar and technical trading.

* Asian buyers are reducing purchases of U.S. agricultural goods as Washington's planned fees on China-linked vessels and sweeping import duties on key regional trading partners stoked uncertainty and dampened appetite for American products.

* CBOT May corn CK25 was last up 2-3/4 cents to $4.71-3/4 per bushel.

SOYBEANS - Down 1 cent to up 2 cents per bushel

* Soybean futures rose, shrugging off pressure from China ratcheting up its tariffs against U.S. goods.

* The most-active soybean contract briefly fell as low as $9.88-1/4 after China's announcement.

* China is the world's biggest soy buyer and takes in around half of U.S. soybean exports each year.

* China's decision to impose 84% tariffs on U.S. goods from April 10 is poised to nearly sever agricultural trade with Washington, prompting Beijing to accelerate its shift towards alternative suppliers such as Brazil.

* Also supporting Chicago soybeans was the prospect of increased demand for U.S. biofuel feedstock, following a recommendation from an industry coalition to sharply raise federal mandates for biomass diesel blending in 2026.

* U.S. exporters sold 198,000 metric tons of soybeans to unknown destinations for 2024-25 delivery, the USDA said on Wednesday.

* CBOT May soybeans SK25 were last up 2 cents to $9.94-3/4 per bushel.

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