CHICAGO: 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 Tuesday.
WHEAT – Up 1 cent to down 1 cent per bushel
Steady to firm on technical buying and short covering after contract lows last week. Dryness and expected frigid weather in the southern US Plains winter wheat belt adding support.
Weaker US dollar also supportive as it makes US wheat more affordable for those holding other currencies.
US wheat was offered at the lowest price in Iraq’s tender for at least 50,000 tonnes of hard milling wheat. Iraq has bought around 500,000 tonnes of US wheat in the past month, the country’s largest US purchases in at least six years.
CBOT March soft red winter wheat last traded up 3/4 cent at $4.21-1/4 per bushel, K.C. March hard red winter wheat was last up 1-1/4 cents at $4.20-1/2 and MGEX March spring wheat was down 1/2 cent at $6.18-3/4.
CORN – Steady to up 1 cent per bushel
Steady to firm, hovering just above contract lows. Short covering underpins prices while ample domestic and global grain supplies cap rallies.
CBOT March corn was last up 1/2 cent at $3.47-1/2 per bushel.
SOYBEANS – Steady to up 1 cent per bushel
Steady to firmer in a rebound from Monday’s three-month lows. Lighter-than-expected rain in parts of Argentina’s crop belt and limited rains in the six- to 15-day forecast also supportive.
The US Department of Agriculture said private exporters sold 145,000 tonnes of US soybeans to unknown destinations for 2018/19 delivery.
Brazilian consultancy Safras & Mercado cut its soy production forecast for the country to 114,57 million tonnes, down slightly from its previous estimate of 114.7 million tonnes.
CBOT January soybeans were last up 1 cent at $9.62-1/2 per bushel.
Source: Brecorder.com
