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CBOT Trends-Soybeans up 1-3 cents, corn and wheat up 1-2

CBOT Trends-Soybeans up 1-3 cents, corn and wheat up 1-2CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Friday.

WHEAT – Up 1 to 2 cents per bushel

Light technical bounce a day after contract lows in CBOT soft red winter and K.C. hard red winter wheat futures. Rallies limited by hefty global supplies following big harvests in Canada and Russia, and lackluster export demand for US wheat despite the slide in futures.

The CME Group reported 25 deliveries against CBOT December soft red winter wheat futures and five K.C. hard red winter wheat delivery. There were no MGEX December spring wheat deliveries.

CBOT March soft red winter wheat last traded up 2-1/4 cents at $4.23-3/4 per bushel, K.C. March hard red winter wheat was last up 2-1/4 cents at $4.23 and MGEX March spring wheat was up 3 cents at $6.14.

CORN – Up 1 to 2 cents per bushel

Light bounce a day after the CBOT March contract fell to a one-week low, and as traders cover short positions ahead of the weekend. Jitters about dry conditions in Argentina lend support.

The CME Group reported 464 deliveries against December corn futures.

CBOT March corn was last up 2 cents at $3.53-1/2 per bushel.

SOYBEANS – Up 1 to 3 cents per bushel

Light technical bounce after a two-session break, with stepped-up export business lending support. Worries about dry conditions in Argentina also viewed as bullish heading into the weekend.

The US Department of Agriculture said private exporters sold 268,000 tonnes of US soybeans to China for 2017/18 delivery and another 129,000 tonnes to unknown destinations, including 63,000 tonnes for 2017/18 delivery and 66,000 tonnes for 2018/19.

Top global soy buyer China imported 8.68 million tonnes of beans in November, rebounding 48 percent from the prior month as a backlog of shipments from the United States arrived at ports, customs data showed.

The CME Group reported 189 deliveries against CBOT December soymeal futures and 153 soyoil deliveries.

CBOT January soybeans were last up 2 cents at $9.94 per bushel.

Copyright Reuters, 2017

Source: Brecorder.com

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