CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.
NOTE: Friday is the last trading day for CBOT May options.
WHEAT – Down 6 to 9 cents per bushel
Falling on outlooks for rain during the weekend that will provide relief to drought-stressed crops in Kansas. Wetter May forecast for southern Plains also adds pressure. Support for CBOT May soft red winter wheat contract noted at 30-day moving average during overnight trading.
CBOT May soft red winter wheat last traded 6-1/4 cents lower at $4.70-1/2 per bushel. K.C. May hard red winter wheat was last down 8 cents at $4.87-1/4 and MGEX May spring wheat was last off 7-1/4 cents at $6.06.
CORN – Steady to down 2 cents per bushel
Drop in wheat, soybeans weigh on corn as well as expectations for warmer weather in Midwest that should allow farmers to pick up pace of planting in coming weeks. Prices firmed briefly overnight but turned lower after CBOT May corn contract hit resistance at 50-day moving average.
CBOT May corn last traded down 1-3/4 cents at $3.80-1/4 a bushel.
SOYBEANS – Down 5 to 7 cents per bushel
Weakening on concerns about trade war with China cutting exports to top overseas soybean buyer. Expectations that farmers may boost soybean acreage due to cold spring in US Midwest adding pressure. CBOT May soybeans hit two-week low overnight.
CBOT May soybeans last traded down 5-3/4 cents at $10.31-1/2 per bushel.
Source: Brecorder
