CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.
NOTE: The US Federal Reserve is due to release a statement at the end of its latest two-day policy meeting at 1 p.m. CST (1900 GMT).
WHEAT - Down 4 to 5 cents per bushel
Lower on profit-taking after the CBOT March contract reached $4.58-3/4 in early moves, its highest since Oct. 25. Market underpinned by dry conditions in the southern US Plains winter wheat belt, and the large net short position held by commodity funds.
CBOT March soft red winter wheat last traded down 4-1/2 cents at $4.52-3/4 per bushel. K.C. March hard red winter wheat was down 4-2/3 cents at $4.65, and MGEX March spring wheat was up 3/4 cent at $6.16-3/4.
CORN - Steady to down 1 cent per bushel
Steady to easier as market pauses a day after the CBOT March corn contract reached $3.62-1/4, its highest since Nov. 9. Farmer selling and profit-taking add pressure, along with some forecasts for much-needed moisture in Argentina's crop belt toward mid-February.
The US Department of Agriculture said private exporters sold 145,000 tonnes of US corn to unknown destinations for delivery in the 2017/18 marketing year that began Sept. 1, 2017.
CBOT March corn last traded down 3/4 cent at $3.60-3/4 per bushel.
SOYBEANS - Down 4 to 6 cents per bushel
Lower on profit-taking a day after the CBOT March contract reached $10.04-3/4 a bushel, its highest since Dec. 8, and some outlooks for beneficial rains in Argentina toward mid-February.
Additional pressure from US farmer soybean sales as front-month futures climbed above $10 a bushel this week.
Trade in Malaysian palm oil futures was closed for a holiday.
CBOT March soybeans last traded down 5-1/4 cents at $9.95 per bushel.
Comments
Comments are closed.