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 Wednesday.
WHEAT – Up 2 to 3 cents per bushel
Higher in rangebound trade, supported by technical buying and short-covering, with funds maintaining a large net short position CBOT wheat. However, rallies limited by plentiful global wheat supplies and strong competition for export business.
CBOT March soft red winter wheat last traded up 3 cents at $4.24-1/2 per bushel. K.C. March hard red winter wheat was up 2-1/4 cents at $4.25-1/2, and MGEX March spring wheat was up 2-1/2 cents at $6.07.
CORN – Up 2 to 3 cents per bushel
Higher after a two-session slide, buoyed by technical buying and worries about dry conditions in parts of Argentina’s crop belt. Corn futures gained ground in early moves relative to soybeans as traders adjusted soy/corn spread positions. Ample global corn supplies hang over the market, limiting rallies.
CBOT March corn last traded up 2-1/2 cents at $3.53-3/4 per bushel.
SOYBEANS – Steady to up 1 cent per bushel
Flat to firmer following a seven-session climb in the March soybean contract, fueled by worries about dry weather crimping Argentine soy yield potential.
The US Department of Agriculture said private exporters sold 125,000 tonnes of US soybeans to unknown destinations and 132,000 tonnes of US soymeal to the Philippines, all for delivery in the 2017/18 marketing year.
Malaysian April palm oil futures rose 1.1 percent.
CBOT March soybeans last traded up 3/4 cent at $9.87 per bushel.
Source: Brecorder.com
