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Markets

Corn, soybeans mixed; wheat down 1 to 4 cents

Published Updated

WHEAT - Down 1 to 4 cents per bushel

* Wheat futures seen lower on a technical setback but market finding support amid hopes that US suppliers could win some business in Egypt's latest tender for wheat when the results are announced on Friday afternoon.

* The lowest offer submitted was $220.50 a tonne free-on-board (FOB) for wheat from the United States, traders said.

* Resistance for benchmark CBOT May soft red winter wheat futures contract noted at 20-day and 40-day moving averages during overnight trading session.

* CBOT May wheat last traded down 2-3/4 cents at $4.57-3/4 per bushel. K.C. May hard red winter wheat was 1-1/4 cents lower at $4.29-1/4 a bushel, and MGEX May spring wheat was off 4 cents at $5.29-1/4 a bushel.

CORN - Mixed, up 1 cent to down 1 cent per bushel

* Abundant US supplies keep market in tight trading range despite potential strength from funds looking to cover short positions and concerns that planting delays could limit acreage in the US Midwest. Expectations for big South American harvests add pressure to corn market.

* CBOT May corn last traded unchanged at $3.60 per bushel.

SOYBEANS - Mixed, up 1 cent to down 1 cent per bushel

* Bargain buying expected following most-active contract's decline to lowest since April 2 on Thursday but pressure noted from worries about Chinese demand, record US stocks.

* Benchmark CBOT May soybean futures found support from overnight weakness near Thursday's low of $8.93-1/2 a bushel.

* China on Friday said it had confirmed a new outbreak of African swine fever in the far western region of Xinjiang as the highly contagious disease spreads through the world's largest hog herd.

Copyright Reuters, 2019