CBOT Trends – Wheat down 5-7 cents, corn steady-up 2, soy steady-down 2

Shoaib Ur Rehman December 22, 2018

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.

Copyright Reuters, 2018
 

 

 

 

  • Leave a Reply

    Your email address will not be published. Required fields are marked *





    Close