CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Friday.
WHEAT - Steady to down 1 cent per bushel
Market is consolidating after falling for six of the last seven sessions. Technical support is noted after wheat closed firm on Thursday after spending much of the session in negative territory. Concerns about severe crop damage in the northern Plains are underpinning wheat, but traders are reluctant to push prices back to highs hit earlier this month.
CBOT September soft red winter wheat last traded down 3/4 cent at $5.05 per bushel; K.C. September hard red winter wheat was off 1 cent at $5.02-3/4; MGEX September spring wheat was down 3/4 cent at $7.77-1/4.
CORN - Down 5 to 7 cents per bushel
Market is seen weaker after the latest weather forecast boosted chances for rain in central US Midwest. Profit-taking is also expected after three straight days of gains.
CBOT December corn was last down 6-1/4 cents at $3.98-1/2 per bushel.
SOYBEANS - Down 5 to 7 cents per bushel
End-of-week profit-taking is expected following three straight days of gains for the soybean market. Traders continue to carefully monitor weather forecasts as the crop is under stress due to heat and dryness in the US Midwest. Support for benchmark November contract is noted at the 10-day moving average.
CBOT November soybeans were down 7-3/4 cents at $10.19-1/4 a bushel in overnight trading.
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