CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Thursday.
NOTE: The US Department of Agriculture (USDA) is scheduled to release its monthly supply/demand reports along with US winter wheat plantings and quarterly grain stocks reports on Friday.
WHEAT - Down 2 to 3 cents per bushel
Lower on technical selling, light precipitation in the southern US Plains winter wheat belt, and disappointing weekly export sales data. Market underpinned by expectations for the USDA on Friday to show a drop in US winter wheat seedings compared to a year ago.
The USDA reported export sales of US wheat in the latest week at 71,500 tonnes, a marketing year low that fell below a range of trade expectations for 250,000 to 450,000 tonnes.
CBOT March soft red winter wheat last traded down 2-3/4 cents at $4.31-1/2 per bushel. K.C. March hard red winter wheat was down 2-3/4 cents at $4.37-3/4, and MGEX March spring wheat was down 2 cents at $6.32.
CORN - Mixed, down 1 cent per bushel to up 1 cent
Flat in rangebound trade ahead of the USDA/s supply/demand and quarterly stocks reports on Friday. Chart resistance noted in the CBOT March contract at its 20-day moving average of $3.50, support at the contract low of $3.46-1/2.
The USDA reported export sales of US corn in the latest week at 437,800 tonnes, in line with trade expectations for 350,000 to 650,000 tonnes.
Managed funds hold a large net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering.
CBOT March corn last traded down 1/4 cent at $3.48-3/4 per bushel.
SOYBEANS -
Steady to up 1 cent per bushel
Flat to firmer, consolidating ahead of the USDA's supply/demand reports on Friday. Analysts on average expect the USDA to raise its forecast of US 2017/18 soybean ending stocks, and raise its estimate of Brazil's soybean crop.
Brazilian government supply agency Conab raised its view of the country's 2017/18 soybean crop to 110.4 million tonnes, from 109.2 million last month.
Consultancy AgRural raised its forecast of Brazil's soy crop to 114 million tonnes, from 112.9 million in December.
Argentina's Rosario grains exchange lowered its estiamte of the Argentine soybean crop to 52 million tonnes, from 54.5 million previously, citing drought.
The USDA reported export sales of US soybeans in the latest week at 616,400 tonnes (old and new marketing years combined), in line with trade expectations for 500,000 to 950,000 tonnes.
Through its daily reporting system, the USDA said private exporters sold 132,000 tonnes of US soybeans to unknown destinations for delivery in the 2017/18 marketing year.
The CBOT reported 276 deliveries against the January soybean contract, which expires Friday, along with 27 January soymeal deliveries and 28 January soyoil deliveries.
CBOT March soybeans last traded up 3/4 cent at $9.55-3/4 per bushel.
Comments
Comments are closed for this article.