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 2 to 5 cents per bushel
Firming on cold weather in southern US Plains that is raising concerns about winterkill damaging dormant plants in that region. Weak US dollar also seen as bullish. Support for CBOT March soft red winter wheat contract noted at 20-day moving average.
CBOT March soft red winter wheat settled down 3/4 cent at $4.27 per bushel on Friday. K.C. March hard red winter wheat was down 1/2 cent at $4.27-1/4 and MGEX March spring wheat was down 4-1/4 cents at $6.14-3/4.
CORN – Up 1 to 2 cents per bushel
Strength in soybeans and wheat supportive. Ample global supplies expected to limit gains. Technical resistance for CBOT March corn seen at 30-day moving average.
CBOT March corn settled down 1-1/4 cents at $3.50-3/4 per bushel.
SOYBEANS – Up 2 to 4 cents per bushel
Concerns about dry conditions in Argentina underpin prices. Traders watching to see if benchmark March soybean futures contract can break through technical resistance at 10-day moving average.
CBOT reported 21 new deliveries against expiring January soybean contract. There were 34 deliveries against CBOT January soyoil contract and 300 deliveries against CBOT January soymeal contract.
Malaysian palm oil futures rose 1.2 percent.
CBOT March soybeans settled up 5 cents at $9.61-3/4 per bushel.
Source: Brecorder.com
