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. CDT (1330 GMT) on Thursday.
WHEAT – Up 5 to 8 cents per bushel
Forecasts for dryness in southwestern US Plains, key areas for hard red winter wheat production, underpin wheat market.
Support for benchmark CBOT May soft red winter wheat contract noted near 100-day moving average during overnight trading. Resistance seen at Wednesday’s high of $4.61-1/2 a bushel.
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A weekly US Agriculture Department report showed wheat export sales of 309,200 tonnes, in line with market forecasts that ranged from 250,000 tonnes to 700,000 tonnes.
CBOT May soft red winter wheat last traded up 4-3/4 cents at $4.60-1/2 per bushel. K.C. May hard red winter wheat was last up 6 cents at $4.92 and MGEX May spring wheat was last up 6-1/4 cents at $5.83.
CORN – Up 1 to 3 cents per bushel
Technical buying expected to support corn futures after benchmark CBOT May contract found support from overnight weakness at 40-day moving average and the 50 point retracement point on a Fibonacci chart tracking its recent rally to a 2-1/2 week high.
USDA said weekly corn export sales totaled 909,300 tonnes, below analysts’ estimates that ranged from 1.100 million tonnes to 1.600 million tonnes.
CBOT May corn last traded up 2-3/4 cents at $3.83-3/4 a bushel.
SOYBEANS – UP 4 to 7 cents per bushel
Mild round of bargain buying expected following Wednesday’s 2.2 percent decline that stemmed from China’s announcement that it will slap 25 percent tariff on imports of U.S soybeans.
Weekly soybean export sales of 1.491 million tonnes top market expectations for 600,000 to 1.150 million tonnes.
CBOT May soybeans last traded up 6-1/2 cents at $10.21-3/4 per bushel.
Source: Brecorder
