CHICAGO: Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT - Down 13 to 15 cents per bushel
Wheat under pressure from profit taking after most active soft red winter wheat contract hit its highest in nearly 2 months on Tuesday.
Snow in the U.S. Plains provided some much needed protection to the dormant crop in that region, also contributing to the market weakness on Wednesday morning.
Benchmark CBOT March soft red winter wheat futures contract dropped below the high end of its 20-day Bollinger range during the overnight trading session.
CBOT March soft red winter wheat last traded 13 cents lower at $8.05 per bushel. K.C. March hard red winter wheat was last off 12-1/4 cents at $8.22-1/4 a bushel and MGEX March spring wheat was down 14-1/2 cents at $9.32-3/4.
CORN - Steady to down 2 cents per bushel
Technical selling expected in corn, with traders saying the market was overbought after the most-active contract rallied to a seven-month high on Tuesday. Weakness in the wheat market adds pressure.
CBOT March corn futures last traded down 1-1/2 cents at $6.18-1/2 a bushel.
SOYBEANS - Up 5 to 6 cents per bushel
Strength in crude oil and vegetable oil markets supportive to soybeans. Concerns about the size of the South American crop continue to be a bullish factor in the soybean market, traders said.
Benchmark CBOT March soybean futures contract weakened early in the overnight trading session but turned higher after finding support just above Tuesday’s low.