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Thursday, March 30, 2023

CBOT Trends – Wheat up 5-7 cents, corn up 1-3 cents, soy up 3-5 cents

CBOT Trends – Wheat up 5-7 cents, corn up 1-3 cents, soy up 3-5 centsCHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.

WHEAT – Up 5 cents to 7 cents per bushel

Follow-through buying bounce expected after benchmark CBOT September soft red winter wheat contact broke through technical resistance at 30-day moving average for the first time in more than a month on Thursday. Hopes for bump in export demand for US supplies underpin market amid global production worries.

Taiwan flour mills tendered to buy 102,775 tonnes of US wheat.

CBOT September soft red winter wheat traded up 5 cents at $5.09-1/4 per bushel. K.C. September hard red winter wheat rose 6-1/2 cents at $5.03, and MGEX September spring wheat added 8 cents at $5.44-3/4 per bushel.

CORN – Up 1 cent to 3 cents per bushel

Corn market supported by concerns that scattered rains in US Midwest have left some areas with moisture deficit. But cool temperatures expected to limit damage in dry areas, keeping gains in check. CBOT September corn rose through the 20-day moving average for the first time since May 29 overnight.

CBOT September corn traded up 1-3/4 cents at $3.53 a bushel.

SOYBEANS – Up 3 cents to 5 cents per bushel

Technical buying expected. The front-month CBOT August soybean futures contract and most-active November contract found support at 10-day moving average overnight. Resistance noted at 20-day moving average.

CBOT August soybeans traded up 3-3/4 cents at $8.49-3/4 a bushel while new-crop November soybeans were 2-1/2 cents higher at $8.64 per bushel.

Copyright Reuters, 2018

Source: Brecorder

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