CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday.
NOTE: Thursday is the first of five days that funds involved in CME grains sell, or "roll," July long positions into deferred months in association with the Standard & Poor's Goldman Sachs Commodity Index.
WHEAT - Up 11 to 13 cents per bushel
Advanced for a third day in a row fueled by concerns regarding continued dry conditions in key exporting countries including Russia and Australia.
The US Department of Agriculture's weekly export sales report showed net cancellations of 19,400 tonnes of wheat for the 2017/18 marketing year, which ended May 31, and net sales of 250,900 tonnes for 2018/19. The USDA said 1,304,700 tonnes in old-crop sales were carried over to 2018/2019.
CBOT July soft red winter wheat last up 13-1/4 cents at $5.33 per bushel. K.C. July hard red winter wheat last traded up 11-1/2 cents at $5.51-1/4 and MGEX July spring wheat was up 10 cents at $6.08-1/4 a bushel.
CORN - Up 1 to 2 cents per bushel
Corn snapped back on short-covering following Wednesday's selloff led by sporadic showers and warm temperatures in the US Midwest that could enhance crop prospects. Strong exports sales data lends support.
The CBOT July contract eased after testing the 200-day moving average resistance level of $3.82.
The USDA reported export sales of corn in the week to May 31 at 1,256,900 tonnes (old and new crop years combined), near the high end of trade expectations for 800,000 to 1.3 million tonnes.
CBOT July corn last traded up 2-1/4 cents at $3.80-1/2 a bushel. SOYBEANS - Steady to up 1 cent per bushel
Underpinned by modest short-covering activity and firm corn futures. Forecasts for beneficial crop growing conditions in the Midwest limited advances in both markets. CBOT July soybeans pared gains after release of disappointing USDA export sales data.
The USDA reported export sales of soybeans in the week to May 31 at 199,500 tonnes (old and new crop years combined), below a range of trade expectations for 400,000 to 1 million tonnes.
The USDA reported weekly soymeal export sales of 135,100 tonnes and soyoil sales of 10,600 tonnes (old and new crop years combined), both in line with trade expectations.
China will start auctions of soybeans from its state reserves starting June 14, the National Grain Trade Center.
CBOT July soybeans last up 1/4 cent at $9.94-1/2 per bushel.
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