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 - Up 5 to 6 cents per bushel
Wheat futures firmed overnight, poised for a second higher session, supported by global demand despite fears of escalating conflict between top wheat producers Russia and Ukraine.
CBOT’s most-active wheat contract hovered just under its 20-day and 100 day moving averages overnight.
Ukraine has exported 38.6 million tonnes of grain so far in the 2021/22 July-June season, up 31.6% from the same stage a season earlier, agriculture ministry data showed, including 17 million tonnes of wheat.
CBOT March soft red winter wheat last traded 5-3/4 cents higher at $7.74-3/4 per bushel. K.C. March hard red winter wheat was last up 8-1/2 cents at $7.94-3/4 a bushel and MGEX March spring wheat was up 8-3/4 cents at $9.23-3/4 a bushel.
CORN - Up 4 to 5 cents per bushel
Corn rose overnight, supported by soaring soybeans and downward revisions to South American crop production estimates.
Brazil’s 2021/2022 first corn crop is expected to produce 25.3 million tonnes, according to private consultancy StoneX, down 1.5 million tonnes from its previous forecast of 26.8 million tonnes.
Ukraine has exported 15.6 million tonnes of corn so far in the 2021/22 July-June season, agriculture ministry data showed.
CBOT March corn futures last traded up 4 cents at $6.38-3/4 a bushel.
SOYBEANS - Up 29 to 30 cents per bushel
The soybean market soared overnight, bound for a seventh consecutive higher session, supported by downgraded South American crop estimates and strong export demand.
On a continuous basis, most-active CBOT soybeans hit 15.64-1/2 overnight, the highest since June 10, 2021.
Exporters sold 380,000 tonnes of soybeans for delivery to unknown destinations during the 2021/2022 marketing year, the U.S. Department of Agriculture said.
Argentine exports of grain, oilseeds and their derivatives totalled some $2.4 billion in January, the country’s CIARA-CEC chamber of oilseed crushers and export companies said, slightly down versus a month earlier.
Comments
Comments are closed.