Wheat up 3-4 cents, corn steady-up 1, soy off 3-4

Fawad Maqsood July 23, 2019

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 Tuesday.

WHEAT – Up 3 to 4 cents per bushel

Wheat higher in a technical bounce one day after the CBOT September contract hit an eight-week low. Traders await results from the start of the Wheat Quality Council’s annual three-day North Dakota spring wheat tour.

Traders also await the results of an international wheat tender from Egypt’s main state grain buyer. No US wheat was offered.

The USDA late Monday rated 76pc of the US spring wheat crop in good to excellent condition, steady with the previous week and in line with trade expectations.

The USDA also said the U.S winter wheat harvest was 69pc complete, lagging the five-year average of 79pc and trailing the average analyst expectation of 73pc.

CBOT September soft red winter wheat last traded up 3-1/4 cents at $4.90-1/2 a bushel. K.C. September hard red winter wheat was last up 3-1/2 cents at $4.32-3/4 a bushel and MGEX September spring wheat was last up 3 cents at $5.24-1/4 a bushel.

CORN – Steady to up 1 cent per bushel

Corn steady to firm on a drop in US crop condition ratings, worries about the size of the 2019 harvest and a short-covering bounce a day after the CBOT September contract fell nearly 2pc.

The USDA late Monday rated 57pc of the US corn crop in good to excellent condition, down from 58pc the previous week. Analysts on average had expected no change.

CBOT December corn futures last traded up 1 cent at $4.27-3/4 a bushel.

SOYBEANS – Down 3 to 4 cents per bushel

Soybeans lower on follow-through selling after Monday’s lower close, steady US crop condition ratings and cooler US Midwest weather after severe weekend heat.

The USDA late Monday rated 54pc of the US soybean crop as good to excellent, unchanged from the previous week and in line with trade expectations.

CBOT November soybeans were last down 3-1/4 cents at $9.02-1/2 a bushel.

Copyright Reuters, 2019

  • Leave a Reply

    Your email address will not be published.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





    Close