CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday.
WHEAT - Steady to up 2 cents per bushel
Wheat futures rising on concerns about the size of global crop. Strength in corn also supportive to wheat. Pressure from ongoing US harvest to limit buying opportunities.
Russian agriculture consultancy SovEcon cut its estimate of 2019/20 Russian wheat production to 76.6 million tonnes from 82.2 million tonnes.
CBOT September soft red winter wheat contract last traded up 1 cent at $5.16 a bushel. K.C. hard red winter wheat for September delivery was up 2 cents at $4.47-1/4 a bushel and MGEX September spring wheat was down 1/4 cent at $5.33 a bushel
CORN - Up 2 cents to 4 cents per bushel
Forecasts for hot and dry weather that could stress developing crop in US Midwest support the corn market. Strength in the cash market also bullish.
Resistance for benchmark CBOT December corn futures noted at 20-day moving average during overnight trading.
CBOT December corn futures last traded up 3-1/2 cents at $4.45-3/4.
SOYBEANS - Up 1 cent to 3 cents per bushel
Technical buying expected in soybeans. Concerns about export demand for soybeans due to trade war with China to limit gains in soy futures.
Support for benchmark CBOT November soybean contract seen at 40-day moving average overnight. The contract also found support at that key technical point on Friday.
CBOT November soybean futures last traded up 2-1/4 cents at $8.96-3/4.
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