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. CST (1430 GMT) on Wednesday.
WHEAT - Steady to up 1 cent per bushel Nearby contracts firm but choppy in early moves.
CBOT losing relative to K.C. hard red winter wheat futures after monthly state crop reports from the US Department of Agriculture late Tuesday showed a decline in winter wheat condition ratings in Kansas and Oklahoma.
Analysts expect commodity index funds to add long CBOT and K.C. wheat positions next week as part of an annual effort to rebalance their portfolios.
The Ethiopian government's purchasing agency issued an international tender to buy 720,000 tonnes of milling wheat, European traders said.
CBOT March soft red winter wheat last up 1/2 cent at $4.07 per bushel; K.C. March hard red winter wheat up 1-1/2 cents at $4.15-1/2; MGEX March spring wheat last traded unchanged at $5.37-1/2.
CORN - Up 1 to 2 cents per bushel Higher on technical buying and positioning ahead of the annual rebalancing by commodity index funds. The funds are expected to buy roughly 60,000 CBOT corn contracts next week as they adjust their portfolios.
CBOT March corn stayed inside Tuesday's trading range overnight.
Chart support noted in CBOT March at its 50-day moving average near $3.55.
CBOT March corn last up 1-1/4 cents at $3.57.
SOYBEANS - Up 3 to 4 cents per bushel Higher on bargain buying after the CBOT March contract fell to a six-week low in early moves. Rallies capped by mostly benign crop weather in South America and expectations of large soy harvests there in the coming weeks and months.
The US Department of Agriculture on Tuesday pegged the November soybean crush at 5.122 million short tons, or 170.7 million bushels, in line with trade expectations.
The CME Group reported 500 CBOT January soybean deliveries, 150 soymeal deliveries and 727 soyoil deliveries.
CBOT March soybeans last up 3-1/4 cents at $9.98-1/4 per bushel.
Comments
Comments are closed for this article.