Markets

CBOT Trends-Soybeans up 1-3 cents, corn steady-down 1, wheat mixed

Published Updated

CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Thursday.

NOTE: Friday is the last trading day for CBOT October options.

WHEAT - Mixed, up 1 cent per bushel to down 1 cent Seeking direction from other markets.

CBOT December wheat has inched higher in each of the previous four sessions. Stronger-than-expected weekly export sales and a softer US dollar lend support.

The USDA reported export sales of US wheat in the last week at 561,000 tonnes, above trade expectations for 300,000 to 500,000 tonnes.

Trade awaits results of a wheat tender announced Wednesday by Egypt's General Authority for Supply Commodities (GASC).

The tender came just hours after the Egyptian government eased its import specifications on the ergot fungus, but some traders remained skeptical about whether cargoes would be rejected.

CBOT December soft red winter wheat last up 1-1/4 cents at $4.09 per bushel; K.C. December hard red winter wheat down 3/4 cent at $4.21-1/2; MGEX December spring wheat up 1-1/4 cents at $4.96.

CORN - Steady to down 1 cent per bushel Lower in rangebound trade amid a lack of market-moving news.

Rains are likely to slow harvest in the western Midwest but combines are rolling elsewhere. Traders eyeing support in CBOT December corn at its 50-day moving average near $3.37.

The USDA reported export sales of US corn in the last week at 921,900 tonnes, in line with trade expectations for 700,000 to 900,000 tonnes.

China's National Grain Trade Center reported sales of 127,134 tonnes of 2013 corn at state reserves auction, representing 3.5 percent of the 3,598,575 tonnes available.

CBOT December corn last down 1/4 cent at $3.39-3/4 per bushel.

SOYBEANS - Up 1 to 3 cents per bushel Higher on technical buying, strength in crude oil and a weaker US dollar. Rains delaying harvest in the western US Midwest, slowing early harvest, but traders reported active farmer soybean sales on Wednesday.

Traders eyeing chart support in the CBOT November soybean contract at its 200-day moving average near $9.71.

The USDA reported export sales of US soybeans in the last week at 875,700 tonnes, below trade expectations for 900,000 to 1,200,000 tonnes.

The USDA through its daily reporting system said private exporters sold 120,000 tonnes of US soybeans to China and another 151,000 tonnes to unknown destinations, all for 2016/17 delivery.

The USDA also said private exporters also reported 120,000 tonnes of optional-origin soybeans sold to China for 2016/17, which could be of US origin or one or other exporting countries.

Malaysian palm oil futures rose on expectations of lower output and better than forecast export demand.

CBOT November soybeans last up 3-1/4 cents at $9.78-3/4 per bushel.

Copyright Reuters, 2016