CHICAGO: Following are US trade 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.
WHEAT - Up 7 cents to 10 cents per bushel
Most-active CBOT soft red winter wheat contract rallied to highest in more than a year during overnight trading, with ongoing concerns about crop shortfalls in key export countries around the globe expected to push prices higher for the fourth day in a row.
K.C. hard red winter wheat futures also hit their highest since July 2017 while MGEX spring wheat peaked at a two-month high.
US Agriculture Department on Thursday morning reported weekly export sales of wheat at 382,400 tonnes, in line with forecasts for 200,000 tonnes to 450,000 tonnes.
CBOT September soft red winter wheat last traded up 8-1/4 cents at $5.66-1/2 per bushel. K.C. September hard red winter wheat rose 9-1/2 cents to $5.73-1/4 overnight, while MGEX September spring wheat gained 7-3/4 cents to $6.15-3/4 per bushel.
CORN - Up 2 cents to 4 cents per bushel
Some technical buying expected following corn market drop on Wednesday. CBOT September corn futures found support at 23.6 retracement point on Fibonacci chart tracking its July rally. Gains in wheat and strong export demand underpin corn market. Corn futures have risen for five of the previous six sessions.
US Agriculture Department on Thursday morning reported weekly export sales of corn at 1.278 million tonnes, in line with forecasts for 700,000 tonnes to 1.4 million tonnes.
CBOT September corn last traded up 3-1/2 cents at $3.68-1/2 a bushel.
SOYBEANS - Down 6 cents to 8 cents per bushel
Worries about trade fight with China pressing on market after Beijing urged the United States to "calm down" after the Trump administration moved to raise tariffs to 25 percent on $200 billion worth of Chinese imports. Technical buying pulled CBOT August and November soybeans from their overnight lows after both contracts dropped below 40-day moving average.
US Agriculture Department on Thursday morning reported weekly export sales of soybeans at 637,000 tonnes, in line with forecasts for 450,000 tonnes to 1.2 million tonnes.
CBOT August soybeans last traded down 5 cents at $8.81-3/4 a bushel while new-crop November soybeans were 5 cents lower at $8.96-3/4 per bushel.
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