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 Thursday. NOTE: Monday is the first notice day for CBOT May contracts.
WHEAT – Down 2 to 4 cents per bushel
Profit-taking setback expected for soft red winter wheat and hard red winter wheat contracts after most-active CBOT wheat contract rallied to highest in nearly seven weeks on Wednesday. Rainfall in the US Plains also pressuring wheat market.
Spring wheat supported by cold soil temperatures that are delaying planting in northern Plains.
The US Agriculture Department said weekly export sales of wheat totaled 577,900 tonnes, above the high end of market expectations.
CBOT July soft red winter wheat last traded down 3 cents at $4.96 per bushel. K.C. July hard red winter wheat was last down 3-1/4 cents at $5.23-1/4 and MGEX July spring wheat was 1-1/2 cents higher at $6.08 a bushel.
CORN – Steady to down 1 cent per bushel
Easing after hitting nine-month high on Wednesday but declines kept in check after benchmark CBOT July contract found technical support at 20-day moving average overnight. Concerns about slow pace of planting underpinning prices.
USDA reported weekly corn export sales of 620,500 tonnes. Analyst forecasts had ranged from 1 million to 1.6 million tonnes.
CBOT July corn last traded down 1/2 cent at $3.95-1/4 a bushel.
SOYBEANS – Up 3 to 5 cents per bushel
Technical buying expected after prices broke through weekly high overnight. Concerns about export demand limit buying in soybean futures. Resistance for CBOT July soybean futures noted at 30-day moving average.
USDA report showed weekly soybean export sales of 537,800 tonnes, well below forecasts that ranged from 800,000 to 1.4 million tonnes. A week ago, soybean export sales totaled 2.13 million tonnes.
CBOT July soybeans last traded up 4 cents at $10.43-1/4 per bushel.
Source: Brecorder
