CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Friday.
WHEAT - Up 4 to 5 cents per bushel Heading higher on technical buying and fund short-covering, along with a pick-up in global export business and ideas that US wheat is becoming more competitive. Rallies limited by plentiful US and global wheat supplies.
CBOT December wheat reached $4.23-1/2 overnight, its highest since Aug. 26.
The US Department of Agriculture reported export sales of US wheat in the latest week at 491,000 tonnes for 2016/17, in line with trade expectations, and 32,100 tonnes for 2017/18.
Algeria's state grains agency OAIC bought 450,000 to 500,000 tonnes of milling wheat in a tender, European traders said. The origin is optional but traders said the wheat was likely to be sourced from the European Union and/or South America.
CBOT December soft red winter wheat last up 4-1/2 cents at $4.20-1/2 per bushel; K.C. December hard red winter wheat up 4-1/4 cents at $4.18-1/4; MGEX December spring wheat up 3-3/4 cents at $5.35-3/4.
CORN - Up 4 to 5 cents per bushel Higher on chart-based buying, fund short-covering and sluggish farmer selling that has helped firm domestic cash values.
CBOT December corn pushed above psychological resistance at $3.50 a bushel overnight to reach $3.55-1/4, the contract's highest since July 19.
Rallies limited by the ongoing harvest of a record-large US corn crop.
The USDA reported export sales of US corn in the latest week at 873,400 tonnes for 2016/17, in line with trade estimates for 800,000-1,100,000 tonnes.
French farmers harvested 23 percent of the grain maize area by Oct. 10, lagging the 33 percent progress by the same date a year ago, FranceAgriMer data showed.
CBOT December corn last up 4-1/2 cents at $3.54 per bushel.
SOYBEANS - Up 4 to 5 cents per bushel Higher on technical buying and spillover strength from corn and wheat.
Strong soy export demand lends support. Rallies capped by the ongoing harvest of a record-large US crop and expectations that the government might raise its US soy yield estimate next month.
The USDA reported export sales of US soybeans in the latest week at 1,417,000 tonnes, above a range of trade expectations for 900,000-1,200,000 tonnes.
The CBOT reported six deliveries against the expired October soymeal contract and 16 October soyoil deliveries.
Malaysian palm oil futures rose, helped by a weaker ringgit currency and expectations of a decline in production.
CBOT November soybeans last up 4-1/2 cents at $9.60-3/4 per bushel.
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