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

ReutersApr 10, 2025 1:10 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 Thursday.

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

WHEAT - Up 1 to 2 cents per bushel

* CBOT wheat futures extended gains as a slide in the dollar and delays to some U.S. and European Union tariffs eased concerns about U.S. crop exports.

* In a dramatic U-turn on Wednesday, U.S. President Donald Trump announced a 90-day pause for most of his hefty reciprocal duties unveiled last week that had sparked a financial markets rout.

* The U.S. Department of Agriculture reported export sales of U.S. wheat in the week ended April 3 at 107,300 metric tons, in line with analyst expectations.

* CBOT May soft red winter wheat WK25 was last up 1-1/2 cents at $5.43-3/4 per bushel. K.C. May hard red winter wheat KWK25 was last up 3-1/4 cents at $5.71-1/4 a bushel and Minneapolis May spring wheat MWEK25 was last up 1 cent at $6.09-3/4 a bushel.

CORN - Up 1 to 2 cents per bushel

* Corn futures ticked higher as a pause on European Union tariffs on U.S. exports removed an immediate threat to U.S. corn exports.

* While Washington and Beijing continue to ramp up tariffs against each other, the EU responded to Trump's climbdown on other countries by announcing on Thursday a 90-day pause on counter-tariffs it had planned in stages from April 15.

* A steep fall in the dollar index .DXY, as investors wrestled with the flurry of tariff news, also made U.S. grains cheaper for export. FRX/

* The U.S. Department of Agriculture reported export sales of U.S. corn at 785,600 metric tons, in line with analyst expectations.

* CBOT May corn CK25 was last up 1-1/2 cents at $4.75-1/2 per bushel.

SOYBEANS - Up 3 to 4 cents per bushel

* Soybean futures edged higher as relief over a pause in the ongoing tariff war boosted prices.

* Chicago soybeans had dropped to a four-month low at the start of the week as the U.S. and China, its main soybean export market, upped tit-for-tat tariffs.

* However, a continuing tariff standoff between Washington and Beijing continues to hang over soy futures.

* Brazil's national crop agency Conab on Thursday raised its forecast for 2024/25 soybean output in the world's largest producer and exporter to 167.87 million metric tones from 167.37 million tons.

* The U.S. Department of Agriculture reported export sales of U.S. soybeans at 172,300 metric tons, below a range of analyst expectations.

* CBOT May soybeans SK25 were last up 3-1/4 cents at $10.16 per bushel.

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