CHICAGO: Following are U.S. 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 Wednesday.
Trade awaits the U.S. Department of Agriculture’s monthly supply/demand reports due Friday, Sept. 10.
WHEAT: Steady to up 1 cent per bushel CBOT wheat steady to firmer in range-bound trade while K.C. and MGEX futures drift lower. Strength in the dollar hangs over the market, in theory making U.S. wheat less competitive globally. The CBOT December contract stayed inside of Tuesday’s trading range in early moves.
Statistics Canada reported Canadian all-wheat stocks as of July 31 at 5.7 million tonnes, up 3.7% from a year earlier and above an average of analyst expectations for 4.8 million tonnes.
The USDA late Tuesday said the U.S. winter wheat crop was 5% planted by Sunday, slightly ahead of the five-year average of 3%. The U.S. spring wheat harvest was 95% complete, ahead of the five-year average of 83%.
Traders await the results of an international wheat purchase tender set by Egypt’s General Authority for Supply Commodities.
CBOT December soft red winter wheat last traded up 3/4 cent at $7.20-1/2 per bushel, while K.C. December hard red winter wheat was last down 1 cent at $7.16-1/2 and MGEX December spring wheat was last down 3-1/4 cents at $9.05.
CORN: Up 2 to 4 cents per bushel Corn firmed in early moves on lower-than-expected weekly U.S. crop ratings and bargain buying, with the benchmark December contract hovering just above Tuesday’s two-month low of $5.10-1/4 a bushel.
The USDA late Tuesday rated 59% of the U.S. corn crop in good-to-excellent condition, down 1 percentage point from a week earlier, while analysts surveyed by Reuters on average had expected no change.
Ahead of Friday’s monthly USDA supply/demand reports, analysts surveyed by Reuters on average expect the USDA to raise its estimates of U.S. 2021/22 corn production and yield.
CBOT December corn last traded up 3-3/4 cents at $5.14-1/2 per bushel.
SOYBEANS: Up 7 to 9 cents per bushel Soybeans head higher on technical buying and strength in global vegetable oils markets including soy oil. Fresh soybean export sales to China lend support. The USDA confirmed private sales of 106,000 tonnes of U.S. soybeans to China for delivery in the 2021/22 marketing year that began Sept. 1. However, grain exports from U.S. Gulf Coast terminals remained severely limited on Tuesday, even after the U.S. Coast Guard reopened the lower Mississippi River to shipping traffic over the weekend.
Statistics Canada reported Canadian canola stocks as of July 31 at 1.8 million tonnes, down 48.6% from a year earlier but above an average of analyst expectations for 1.2 million tonnes.
Comments
Comments are closed for this article.