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 Wednesday.
WHEAT - Mixed, up 2 cents to down 2 cents per bushel
Choppy trade expected in wheat. Short-covering seen as supportive after most active soft-red winter wheat contract fell to one-month low during the overnight trading session before turning higher ahead of the break. Gains limited by poor export demand, weakness in the corn market.
Benchmark CBOT September soft red winter wheat contract found support at 50-day moving average overnight. The contract has not traded below that key technical point since May 16.
CBOT September soft red winter wheat contract last traded up 1 cent at $5.03-3/4 a bushel. K.C. hard red winter wheat for September delivery was 1/4 cent lower at $4.39 a bushel and MGEX September spring wheat was up 2-1/2 cents at $5.29 a bushel.
CORN - Steady to down 3 cents per bushel
Corn futures seen easing on follow-through selling after Tuesday's drop as well as forecasts for warm weather in US Midwest that should advance maturity of crop. Most-active corn contract hit a one one-week low overnight.
Declines limited as market activity expected to be light ahead of US Agriculture Department's monthly supply and demand report on Thursday.
CBOT December corn futures dropped below 40-day moving average overnight.
CBOT December corn futures last traded down 2-1/4 cents at $4.35.
SOYBEANS - Up 2 cents to 4 cents per bushel
Technical buying supportive to soybean market. Strength in crude oil also supportive but gains seen muted as weakness in corn acts as drag.
Benchmark CBOT November soybean contract briefly broke through 10-day moving average overnight but failed to hold support above that key technical point.
CBOT November soybean futures last traded up 2-1/2 cents at $9.06-3/4.
Comments
Comments are closed.