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 2 cents to 4 cents per bushel
End-of-week short covering, bargain buying expected following four straight days of declines. Most-active soft red winter wheat contract, which is down 5.2 percent this week, hit lowest since June 6 during overnight trading session.
Most active soft red winter wheat contract on track for biggest weekly loss since the week ended March 1.
CBOT September soft red winter wheat last traded up 2-1/4 cents at $4.95-3/4 a bushel. K.C. September hard red winter wheat was last up 3 cents at $4.35-3/4 a bushel while MGEX September spring wheat was last up 1 cent at $5.26-1/2 a bushel.
CORN - Steady to up 2 cents per bushel
Bargain-buying bounce expected. Corn futures have dropped 6.0 percent this week, which would be their biggest weekly decline since June 2017. Gains limited by forecasts for cooler weather in US Midwest next week.
CBOT December corn briefly broke through 50-day moving average during overnight trading and ended the session just below that key technical point.
CBOT December corn futures last traded up 1-3/4 cents at $4.31-1/2 a bushel.
SOYBEANS - Up 9 cents to 12 cents per bushel
Technical buying supportive to soybeans after November contract held above July lows on Thursday.
CBOT November soybean futures rallied through 40-day and 100-day moving averages during overnight trading. Traders watching to see if market can break through resistance at 20-day moving average.
CBOT November soybeans were last up 9-3/4 cents at $9.08-3/4 a bushel.
Comments
Comments are closed.