Soy up 30-35 cents, corn up 7-9 cents, wheat up 2-3 cents
- Strength in corn supportive to wheat futures but profit-taking noted as most-active contract hit fresh six-year peak during the overnight trading session.
- Corn futures expected to rally for the 15th day in a row as most-active contract hit highest in 6-1/2 years overnight
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. CST (1430 GMT) on Monday:
WHEAT - Up 2 to 3 cents per bushel
Strength in corn supportive to wheat futures but profit-taking noted as most-active contract hit fresh six-year peak during the overnight trading session. New contract highs noted across the board.
Resistance for CBOT March soft red winter wheat futures noted at high end of 20-day Bollinger range during the overnight trading session.
CBOT March soft red winter wheat last traded 3-3/4 cents higher at $6.44-1/4 per bushel. K.C. March hard red winter wheat was up 2-3/4 cents at $6.06-1/4 per bushel. MGEX March spring wheat was last 6 cents higher at $6.05-1/4 per bushel.
CORN - Up 7 to 9 cents per bushel
Corn futures expected to rally for the 15th day in a row as most-active contract hit highest in 6-1/2 years overnight. Argentina's suspension of corn exports until Feb. 28 continues to underpin the market, traders said.
New contract highs made across the board in corn futures overnight, with most-active contract peaking at its highest on a continuous basis since May 14, 2014.
CBOT March corn was last up 7-1/4 cents at $4.91-1/4 per bushel.
SOYBEANS - Up 30 to 35 cents per bushel
Soybean futures seen rallying after most-active contract hit fresh 6-1/2-year high overnight. Expectations for strong Chinese demand fueling the gains, traders said.
CBOT March soybean futures contract broke through the high end of its 20-day Bollinger range overnight.
CBOT March soybeans ended overnight trading up 30 cents at $13.41 per bushel.
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