CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday.
WHEAT - Up 4 cents to 6 cents per bushel
Wheat market underpinned by dry weather in Black Sea region and Australia that could cut production from those key exporters and boost overseas demand for US supplies.
Benchmark CBOT September soft red winter wheat contract briefly broke through 20-day moving average, the first time since July 15, during the overnight trading session. Contract failed to hold support above that level.
CBOT September soft red winter wheat last traded up 6-1/4 cents at $5.02-1/4 a bushel. K.C. September hard red winter wheat was last up 5-1/4 cents at $4.37-1/4 and MGEX September spring wheat last traded 2 cents higher at $5.26-1/2.
CORN - Up 2 cents to 4 cents per bushel
Bargain buying, technical bounce expected after benchmark CBOT September corn contract hit lowest since May 24 during overnight trading session. Expectations for mild temperatures across US Midwest during next two weeks seen keeping gains in check.
CBOT September corn last traded up 3 cents at $4.17-1/2 a bushel.
SOYBEANS - Up 2 cents to 4 cents per bushel
Tight trading range expected in soybeans as market waits for news from fresh round of U.S-China trade negotiations. Some concerns about dryness in US crop belt lend support.
Chinese state media said on Sunday the United States has shipped several million tonnes of soybeans to China since the two countries' leaders met in June, although US government data shows that the volume was much less.
CBOT November soybeans rallied through 50-day moving average overnight. Resistance noted around 20-day moving average.
CBOT November soybeans last traded up 3-1/2 cents at $9.04-1/2 a bushel.
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