Corn and wheat up 1-3 cents, soybeans up 4-6

Usama Fayyaz August 16, 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 Friday.

WHEAT – Up 1 to 3 cents per bushel Wheat firms on short-covering and end-of-week bargain buying.

Gains capped by ample global supplies and concerns stiff competition for US wheat in global markets from lower-cost suppliers.

Wheat on pace for its fourth decline in five weeks.

Egypt’s government buyer GASC bought only Black Sea wheat in a tender on Thursday.

CBOT September soft red winter wheat last traded up 1 cent at $4.70 a bushel. K.C. September hard red winter wheat was last up 2 cents at $3.91-3/4 a bushel and MGEX September spring wheat was last up 1-3/4 cents at $5.04-1/2.

CORN – Up 1 to 3 cents per bushel Corn firms on short-covering and bargain buying ahead of the weekend along with concerns about dry conditions in parts of the US corn belt. Improved export demand at lower prices also supportive.

Gains capped by expectations for a large US harvest following higher-than-expected US acreage and yield projections by the US Department of Agriculture (USDA) early this week.

Corn poised for its fourth decline in five weeks and its biggest weekly drop in three years.

South Korean importers have accelerated corn buying this week following a steep drop in prices.

CBOT December corn last traded up 2 cents at $3.73 a bushel.

SOYBEANS – Up 4 to 6 cents per bushel Soybeans rebound from two days of declines ahead of the weekend. Dry conditions in parts of the US Midwest crop belt add support.

Gains capped by demand concerns amid a prolonged US-China trade war and expectations for a large US crop.

Soybeans on pace for a fourth decline in five weeks.

Top soy importer China can do without US supplies in the fourth quarter and can rely on imports from South America instead, said an analyst with a Chinese government-backed think-tank on Friday.

China’s pig herd shrank by 32.2pc in July from the same month a year ago, its agriculture ministry said, as African swine fever continues to spread. Reduced feed demand has limited China’s need for soy imports.

The USDA on Friday confirmed private sales of 296,500 tonnes of new-crop US soybeans to unknown destinations.

CBOT November soybeans last traded up 5 cents at $8.75-3/4 a bushel.

Copyright Reuters, 2019

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