CBOT Trends - Wheat up 8-12 cents, corn up 1-2, soybeans up 2-4

31 Aug, 2018

NOTE: US markets including the CBOT will be closed on Monday for the US Labor Day holiday. CBOT trade for Sept. 4 opens Monday at 7 p.m. CDT (0000 GMT).

Canada and the United States will make a final push to iron out differences on a pact to modernize the North American Free Trade Agreement (NAFTA) by a Friday deadline set by President Donald Trump.

WHEAT - Up 8 to 12 cents per bushel

Wheat higher on technical buying and short-covering ahead of a long US holiday weekend and a Sept. 3 routine meeting between Russia's ag ministry and exporters that has fueled speculation that Russia might move to limit wheat exports.

Statistics Canada estimated Canada's 2018 all-wheat production at 28.99 million tonnes, below an average of trade expectations for 30.6 million tonnes and below the USDA's last estimate of 32.5 million.

The CBOT reported no deliveries against the CBOT September contract and 376 K.C. September wheat deliveries. The MGEX reported 384 September spring wheat deliveries.

CBOT December wheat last traded up 11 cents at $5.46 per bushel. K.C. December hard red winter wheat was last up 11-1/2 cents at $5.52-1/2 and MGEX December spring wheat was up 13-1/2 cents at $5.97-1/4 per bushel.

CORN - Up 1 to 2 cents per bushel

Corn up on spillover strength from wheat and technical buying ahead of the three-day US holiday weekend, and on smaller-than-expected September deliveries on first notice day.

Commodity brokerage INTL FCStone late Thursday lowered its estimate of the average US 2018 corn yield to 177.7 bushels per acre, from 178.1 in its previous monthly report released Aug. 1.

The USDA said private exporters sold 273,800 tonnes of US corn to unknown destinations for delivery in the 2018/19 marketing year.

CBOT September corn deliveries totaled 137 contracts on first notice day, below trade expectations for 500 to 1,000 lots.

CBOT December corn last traded up 1-3/4 cents at $3.58-1/4 per bushel.

SOYBEANS - Up 2 to 4 cents per bushel

Soybeans head higher.

The USDA said private exporters sold 250,000 tonnes of US soybeans to unknown destinations for delivery in the 2018/19 marketing year.

Traders continue to monitor outbreaks of African swine fever in China's hog herd that could potentially curb demand for soymeal.

Commodity brokerage INTL FCStone late Thursday raised its forecast of the US 2018 soybean yield to 53.8 bushels per acre, from its Aug. 1 figure of 51.5.

CBOT September soybean deliveries totaled 511 contracts on first notice day, in line with trade expectations. CBOT September soyoil deliveries totaled 1,313 contracts and there were 161 September soymeal deliveries.

CBOT new-crop November soybeans last traded up 3-1/2 cents at $8.35 a bushel.

Copyright Reuters, 2018
 

 

 

 

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