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Corn up 3-5 cents, soy up 8-10 cents, wheat up 6-8 cents

Corn up 3-5 cents, soy up 8-10 cents, wheat up 6-8 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 Tuesday.

WHEAT – Up 6 to 8 cents per bushel

Wheat futures rallied to their highest since July 2017 during the overnight trading session on concerns about damage to crops from Russia, the European Union and Australia.

CBOT September soft red winter wheat last traded up 8 cents at $5.54-1/2 per bushel. K.C. September hard red winter wheat rose 6-1/2 cents to $5.54-1/4 overnight, while MGEX September spring wheat gained 6-3/4 cents to $6.07-3/4 per bushel.

CORN – Up 3 cents to 5 cents per bushel

Corn futures rose on concerns that hot weather forecast for key production areas of US Midwest such as Iowa next week could stress the crop. Traders are watching to see if the CBOT September corn futures contract can break through the 50-day moving average for the first time since June 1.

CBOT September corn last traded up 3-1/2 cents at $3.70-3/4 a bushel.

SOYBEANS – Up 8 to 10 cents per bushel

Short-covering bounce is expected. Soybean prices hit the highest since June 29 during the overnight trading session but resistance for August and November contracts was noted at the 40-day moving average.

CBOT August soybeans last traded up 9 cents at $8.84 a bushel while new-crop November soybeans were 7-1/2 cents higher at $8.98-1/2 per bushel.

Copyright Reuters, 2018

Source: Brecorder

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