- The CBOT's most-active soft red winter wheat contract inched higher overnight after falling for a third session on Thursday.
- The most-active March wheat contract is poised for a third weekly move downward in the last four weeks, since reaching 6-1/2 year highs the week ended Jan. 15.
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 Friday.
WHEAT - Even to up 2 cents per bushel
The CBOT's most-active soft red winter wheat contract inched higher overnight after falling for a third session on Thursday, hovering near its 50-day moving average.
The most-active March wheat contract is poised for a third weekly move downward in the last four weeks, since reaching 6-1/2 year highs the week ended Jan. 15.
The Central and Southern US Plains are expected to see increased snowfall over the weekend which should protect dormant winter wheat crops, though some winterkill is still a concern for parts of Colorado and Kansas, according to Commodity Weather Group.
CBOT March soft red winter wheat last traded up 1/4 cent at $6.33-3/4 per bushel. K.C. March hard red winter wheat was last 4-3/4 cents higher at $6.15-3/4 per bushel. MGEX March spring wheat gained 1-1/4 cents to $6.17-1/4 per bushel.
CORN - Even to up 2 cents per bushel
The corn market moved slightly higher overnight, finding support near it's 20-day moving average after a two-day plummet on bigger-than-expected US corn stocks estimates from the USDA Tuesday.
Despite notching new 7-1/2 year highs Tuesday, CBOT's most-active March corn contract will need to climb above $5.48-1/2 to finish the week in positive territory.
Exporters sold 115,577 tonnes of corn for delivery to Guatemala and 135,644 tonnes for delivery to Costa Rica during the 2020/2021 marketing year, as well as 59,694 tonnes to Costa Rica for the 2021/22 marketing year, according to the US Department of Agriculture.
The Mexican government's plan to stop importing genetically modified (GMO) corn as well as the widely-used herbicide glyphosate will likely face legal challenges this month to reverse the proposal, according to the new head of Mexico's top farm lobby.
CBOT March corn was 1-1/4 cent higher at $5.42-1/4 per bushel.
SOYBEANS - Up 2 to 5 cents per bushel
CBOT soybeans crept higher for a second session after a steep drop earlier in the week, with the most-active contract hovering near its 20-day moving average.
The most-active soybean contract swung 72-1/4 cents from its high of $14.09-1/2 per bushel on Tuesday to its Thursday low of $13.37-1/4 per bushel, but is currently on track to end the week nearly unchanged.
United States soybean processing plants in January were estimated to have crushed 183.087 million bushels of soybeans, according to the average of estimates from nine analysts.
CBOT March soybeans were last 2-1/2 cents higher at $13.70 per bushel.