CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Friday.
WHEAT - Up 3 to 5 cents per bushel
Short-covering is expected to lend support to the wheat market, which is on track for the third straight week of declines. Crop concerns are adding strength after a wheat tour pegged spring wheat yields as the smallest since 2008. The benchmark CBOT September soft red winter wheat contract broke through the 50-day moving average but hit resistance at the five-day moving average overnight.
CBOT September soft red winter wheat last traded up 4-1/4 cents at $4.84 per bushel; K.C. September hard red winter wheat was 5-3/4 cents higher at $4.86-3/4; MGEX September spring wheat was up 4 cents at $7.40-1/2.
CORN - Steady to up 2 cents per bushel
The corn market is underpinned by dry conditions in key growing areas but its strength is checked by cool Midwest temperatures mitigating concerns about crop damage. Traders are watching to see if CBOT December corn can break through technical resistance at the 200-day moving average.
CBOT December corn last traded unchanged at $3.87-3/4 per bushel.
SOYBEANS - Mixed, up 2 cents to down 2 cents per bushel
Choppy trading is expected. The market is closely monitoring the weather outlook as the crop enters a key development period. CBOT November soybeans failed to hold support above the 10-day moving average overnight. Consolidation was noted at the 20-day moving average.
CBOT November soybeans last traded down 3/4 cent at $10.06-3/4 a bushel.
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