CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.
Wheat - Up 2 to 4 cents per bushel
Wheat futures advanced overnight along with CBOT corn and soybeans.
Traders were watching U.S. President Donald Trump’s meeting with Russian President Vladimir Putin in Alaska to discuss a ceasefire deal for Ukraine. Russia and Ukraine are major grain exporters.
CBOT September soft red winter wheat was last up 3-1/4 cents at $5.06-3/4 per bushel. K.C. September hard red winter wheat was last up 3-1/2 cents at $5.07-3/4 per bushel, and Minneapolis September wheat was last up 1/2 cent at $5.72-1/2 a bushel.
Corn - Up 3 to 5 cents per bushel
Corn futures crept higher overnight, with the December contract moving back above $4 per bushel, amid technical buying and short covering, analysts said.
The market dropped to contract lows on Tuesday after the U.S. Department of Agriculture predicted the U.S. harvest would be a record and above analysts’ expectations.
Dry weather threatens to stress some crops heading into the end of August, Commodity Weather Group said.
Expectations for a large Brazilian harvest hung over the market.
CBOT December corn was last up 3-3/4 cents at $4.01 per bushel.
Wheat up 1-2 cents, corn up 1-2, soybeans up 10-12
Soybeans - Up 7 to 9 cents per bushel
Soybean futures traded higher, extending this week’s advance.
Lower-than-expected U.S. production and carryover estimates, issued by the USDA on Tuesday, have supported gains.
Next week, traders will monitor results from an annual Pro Farmer crop tour that scouts corn and soy fields across the U.S. Midwest.
A National Oilseed Processors Association report due later on Friday is expected to show the U.S. July soybean crush increased slightly after a dip in the processing pace in June, analysts said.
CBOT November soybeans were last up 7-3/4 cents at $10.36-1/4 per bushel. On Thursday, the contract reached its highest level since July 3.
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