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Markets

Wheat up 5-6 cents, corn up 1-2, soy mixed

  • Wheat heads higher on technical buying and poor weather in Russia, Argentina and other wheat-producing countries that could tighten global exportable supplies.
  • Corn seen firm on technical buying and expectations of export demand from China. Fresh export sales may lend support.
23 Oct 2020

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 5 to 6 cents per bushel

Wheat heads higher on technical buying and poor weather in Russia, Argentina and other wheat-producing countries that could tighten global exportable supplies.

Traders await the results of an international wheat purchase tender set by Egypt's General Authority for Supply Commodities (GASC). The lowest offers in the tender were for Russian-origin wheat.

CBOT December soft red winter wheat last traded up 6-1/4 cents at $6.29 per bushel. K.C. December hard red winter wheat was last up 5-1/4 cents at $5.65-1/2 a bushel. MGEX December spring wheat was last up 4-3/4 cents at $5.79-1/4 a bushel.

CORN - Up 1 to 2 cents per bushel

Corn seen firm on technical buying and expectations of export demand from China. Fresh export sales may lend support.

The US Department of Agriculture confirmed private sales of 100,000 tonnes of US corn to unknown destinations for delivery in the 2020/21 marketing year that began Sept. 1.

China's government is expected to issue more import quotas and buy millions of tonnes of additional corn in the new crop marketing year, three industry sources said, amid a surge in animal feed demand and tightening supplies.

China imported more than 1 million tonnes of corn in September, customs data showed, bringing shipments for the first nine months of the year close to its annual low-tariff quota volume for the first time on record.

CBOT December corn was last up 1-1/4 cents at $4.17-1/2 per bushel.

SOYBEANS - Mixed, down 1 cent per bushel to up 1 cent

Soybeans mixed in rangebound trade as pressure from welcome rains in crop areas of Brazil offsets support from strength in corn and wheat. Market underpinned by firm cash markets and optimism about export demand for US supplies given planting delays in Brazil.

CBOT November soybeans last traded down 1/2 cent at $10.73-1/4 per bushel.