CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Friday.
WHEAT – Up 1 to 2 cents per bushel
Higher on technical buying and short-covering after contract lows set this week, and signs of fresh export demand for US supplies.
The US Department of Agriculture said private exporters sold 300,000 tonnes of US hard red winter wheat to Iraq for delivery in the 2017/18 marketing year.
CBOT December soft red winter wheat last traded up 1-1/2 cents at $4.27-1/2 per bushel, K.C. December hard red winter wheat was up 1-3/4 cents at $4.27-1/2, and MGEX December spring wheat was up 3/4 cent at $6.23-1/2.
CORN – Steady to down 1 cent per bushel
Rising private estimates of the US corn yield hang over the market ahead of the USDA’s monthly supply/demand reports next week. Futures underpinned by the fact that commodity funds already hold a large net short position in CBOT corn, leaving the market vulnerable to short-covering rallies.
The USDA said private exporters sold 102,400 tonnes of US corn to Mexico and another 135,000 tonnes to South Korea, all for delivery in the 2017/18 marketing year that began Sept. 1.
The USDA also said private exporters sold 251,000 tonnes of US sorghum to unknown destinations for delivery in 2017/18.
CBOT December corn last traded down 1/4 cent at $3.50-1/4 per bushel.
SOYBEANS – Down 2 to 3 cents per bushel
Lower on light profit-taking and technical selling a day after the CBOT January soybean contract reached $10.00-1/2, its highest since Oct. 20.
Private analytics firm Informa Economics on Thursday lowered its forecast of the US 2017 soybean yield to 49.7 bushels per acre, from 50.0 last month, and pegged the soybean harvest at 4.447 billion bushels, compared with its October estimate of 4.474 billion.
The CME Group reported 49 deliveries against CBOT November soybean futures.
CBOT November soybeans last traded down 2-3/4 cents at $9.86-1/4 per bushel; January was last down 3-1/4 cents at $9.96.
Source: Brecorder.com
