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. CDT (1330 GMT) on Monday.
WHEAT - Down 7 to 10 cents per bushel
Technical selling is seen pressuring prices. CBOT soft red winter wheat and K.C. hard red winter wheat hit their lowest since June 29 during overnight trading. MGEX spring wheat hits 10-day low. Market is waiting for reports from this week's spring wheat tour of North Dakota by the Wheat Quality Council, although traders said they expected damage was already priced in.
CBOT September soft red winter wheat last traded down 8 cents at $4.91-1/4 per bushel; K.C. September hard red winter wheat was 8-1/2 cents lower at $4.87-1/2; MGEX September spring wheat was down 10-1/4 cents at $7.55-1/2.
CORN - Down 7 to 9 cents per bushel
Corn is weakening following-crop boosting rains in key growing areas during the weekend. The weather outlook, which includes more rain and cooler temperatures for the Midwest, is also seen as bearish. Technical resistance for benchmark CBOT December corn contract is noted at 200-day moving average.
CBOT December corn was last down 8-1/4 cents at $3.85-1/4 per bushel.
SOYBEANS - Down 20 to 25 cents per bushel
The weather outlook and weakness in Asian vegetable oil market pressure soybeans. Benchmark CBOT November soybean contract faced technical resistance at the 10-day moving average during overnight trading.
CBOT November soybeans were down 20 cents at $10.02-1/4 a bushel in overnight trading.
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