Wheat up 2-5 cents, soybeans up 2-4 cents, corn mixed

Wheat futures supported by signs of improving export demand. Prices rose to overnight highs. The U.S. Agricult
10 Oct, 2019
  • Wheat futures supported by signs of improving export demand. Prices rose to overnight highs.
  • The U.S. Agriculture Department said that weekly export sales of wheat were 521,900 tonnes.

NOTE: Traders await the U.S. Department of Agriculture's monthly supply/demand reports that will be released at 11:00 a.m. CDT (1600 GMT) on Thursday.

WHEAT - Up 2 cents to 5 cents per bushel Wheat futures supported by signs of improving export demand. Prices rose to overnight highs, 1/4 cent below the most-active contract's two-month peak hit on Wednesday, ahead of the break in trading.

The benchmark CBOT December soft red winter wheat contract broke through the high end of its 20-day Bollinger range and its 100-day moving average during the overnight trading session. Resistance was seen at its 200-day moving average, a level it has not topped since July 15.

The U.S. Agriculture Department said that weekly export sales of wheat were 521,900 tonnes, near the high end of forecasts for 300,000 tonnes to 600,000 tonnes.

CBOT December soft red winter wheat last traded up 3-1/2 cents at $5.03-3/4 per bushel. K.C. December hard red winter wheat was last up 2-1/2 cents at $4.15-3/4 and MGEX December spring wheat was last up 4-3/4 cents at $5.46-1/2.

CORN - Mixed, up 2 cents to down 2 cents per bushel Strength in wheat and soybeans supportive to corn but poor demand adds pressure to the market.

Profit-taking also expected following most-active contracts rally to a one-month high on Wednesday.

Corn export sales totaled 284,400 tonnes in the latest reporting week, below the low end of forecasts that ranged from 500,000 tonnes to 800,000 tonnes.

CBOT December corn last traded down 1/2 cent at $3.93-3/4 per bushel.

SOYBEANS - Up 2 cents to 4 cents per bushel Soybeans firming on strong export data and hopes for stepped-up purchases by China.

The United States' and China's top trade negotiators were set to meet on Thursday for the first time since late July to try to find a way out of a 15-month trade war.

USDA said weekly soybean export sales were 2.096 million tonnes, topping forecasts that ranged from 1.3 million tonnes to 1.8 million tonnes.

Traders watching to see if benchmark CBOT November soybean contract can break through technical resistance at the high end of its 20-day Bollinger range.

CBOT November soybeans last traded up 2-1/4 cents at $9.26 per bushel.

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