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CBOT Trends-Wheat up 3-5 cents; soy up 1-4 cents; corn steady-up 1 cent

CBOT Trends-Wheat up 3-5 cents; soy up 1-4 cents; corn steady-up 1 centCHICAGO: 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. CDT (1330 GMT) on Tuesday.

WHEAT – Up 3 to 5 cents per bushel

Technical buying, short-covering supporting wheat futures following drop to 10-day low on Monday. Concerns about condition of US winter wheat crop underpin prices. Support for CBOT May soft red winter wheat futures noted overnight near the 61.8 percent retracement point on a Fibonacci chart tracking recent rally.

US Agriculture Department report showed 31 percent of US winter wheat crop rated good to excellent as of April 15, up 1 percentage point from week earlier. A year ago, the crop was rated 54 percent good to excellent.

CBOT May soft red winter wheat last traded up 3-1/2 cents at $4.65-3/4 per bushel. K.C. May hard red winter wheat was last up 4-1/2 cents at $4.82-1/2 and MGEX May spring wheat was last up 5-3/4 cents at $6.12-1/2.

CORN – Steady to up 1 cent per bushel

Concerns about slow start to planting underpin corn prices but technical resistance noted overnight at 30-day moving average, limiting buying opportunities.

US Agriculture Department report said US corn planting was 3 percent complete as of April 15, up just 1 percentage point from a week earlier.

CBOT May corn last traded up 1/2 cent at $3.83 a bushel.

SOYBEANS – Up 1 to 4 cents per bushel

Mild round of bargain buying expected following two days of declines. Technical support for CBOT May soybean futures contract noted overnight at Monday’s low of $10.41-1/2 a bushel.

Fresh signs of trade friction with China expected to limit gains. China said on Tuesday it will slap a hefty temporary deposit on imports of US sorghum.

CBOT May soybeans last traded up 2 cents at $10.44 per bushel.

Copyright Reuters, 2018

Source: Brecorder

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