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. CST (1430 GMT) on Friday.
WHEAT – Down 5 to 7 cents per bushel
* Wheat retreats, with actively traded March at a two-week low after Russia, the world’s top supplier, raised its grain export forecast.
* March futures broke below technical support at its 20- and 50-day moving averages during overnight trading.
* Wheat on pace for its first weekly decline in four weeks.
* CBOT March wheat last traded down 6 cents at $5.17-1/2 per bushel. K.C. March hard red winter wheat was off 5-1/2 cents at $5.04 a bushel and MGEX March spring wheat fell 3/4 cent at $5.67-1/4.
CORN – Steady to up 2 cents per bushel
* Short-covering and bargain buying lift corn after the most-active March contract fell nearly 2 percent a day earlier.
* Gains capped by plentiful global supplies and improving South American crop weather.
* The US Department of Agriculture on Friday confirmed private sales of 222,504 tonnes of US corn to unknown destinations for shipment in the 2018/19 marketing year.
* CBOT March corn last traded 1 cent higher at $3.76-1/4 per bushel. The contract is down more than 2 percent for the week, on pace for a second straight weekly drop.
SOYBEANS – Steady to down 2 cents per bushel
* Soybeans ease for a third straight session as improving South American crop weather was seen bolstering already ample global supplies. Futures set a fresh three-week low during overnight trading.
* Declines limited by expectations for more US soybean purchases by China.
* The US Department of Agriculture on Friday confirmed private sales of 115,500 tonnes of US soybeans to unknown destinations for shipment in the 2018/19 marketing year.
* CBOT January soybeans last traded down 3/4 cent at $8.92-3/4 a bushel, on pace for a second straight weekly decline.