Corn up 4-5 cents, wheat and soybeans up 1-2 cents
- Wheat futures seen modestly higher on technical buying ahead of a long US holiday weekend.
- Total stocks of Canadian wheat on July 31 were down by 14.6% compared to the same date in 2019, in part due to higher exports,
CHICAGO: Following are US trade expectations for the opening 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 1 to 2 cents per bushel
Wheat futures seen modestly higher on technical buying ahead of a long US holiday weekend and spillover strength from corn and soybeans. Firm global prices and worries about dryness in Argentina add support.
Total stocks of Canadian wheat on July 31 were down by 14.6% compared to the same date in 2019, in part due to higher exports, Statistics Canada said.
The CBOT reported 11 deliveries against Chicago September soft red winter wheat futures and no K.C. September hard red winter wheat deliveries, while the MGEX reported 117 deliveries against September spring wheat futures.
CBOT December soft red winter wheat last traded up 3/4 cent at $5.54 per bushel. K.C. December hard red winter wheat was last up 2 cents at $4.77-3/4 a bushel. MGEX December spring wheat was last down 1 cent at $5.46-1/4 a bushel.
CORN - Up 4 to 5 cents per bushel
Corn higher on technical buying and short-covering ahead of a three-day holiday weekend and optimism about export prospects for US grain. Traders are looking ahead to the US Department of Agriculture's Sept. 11 monthly supply/demand reports.
Forecasts call for welcome rains in portions of the Midwest in the coming days.
The CBOT reported no deliveries against September corn futures.
CBOT December corn last traded up 5 cents at $3.58-3/4 per bushel.
SOYBEANS - Up 1 to 2 cents per bushel
Soybeans higher on export demand for US supplies and technical buying ahead of the US holiday weekend, with the benchmark November contract on track for a 10th straight daily climb.
The US Department of Agriculture said private exporters sold 318,000 tonnes of US soybeans to unknown destinations and 175,000 tonnes of soymeal to the Philippines, all for delivery in the 2020/21 marketing year.
In Canada, total stocks of canola on July 31 plunged by 34.3% from a year earlier, in part due to increased deliveries driven by high domestic demand, Statistics Canada said.
The CBOT reported eight deliveries against CBOT September soybean futures, along with 71 September soymeal deliveries and no September soyoil deliveries.
CBOT November soybeans last traded up 2-1/4 cents at $9.68-1/4 per bushel.
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