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 Wednesday.
WHEAT – Mixed, up 1 cent per bushel to down 1 cent
Wheat mixed as market pauses a day after the CBOT July contract notched a 2-1/2 week high at $5.30-1/4 a bushel. Futures underpinned by technical buying, short-covering and worries about dry conditions curbing yields in parts of North America, Russia and Australia.
Millers in Asia have in the past month or so booked up to 1 million tonnes of new-crop Black Sea wheat for shipments starting in August, two of the traders said, with a wave of similar deals expected to follow.
CBOT July soft red winter wheat last up 1 cent at $5.22-1/2 per bushel. K.C. July hard red winter wheat last traded up 1-1/4 cents at $5.41-3/4 and MGEX July spring wheat was up 2-1/4 cents at $6.35-1/4 a bushel.
CORN – Steady to down 1 cent per bushel
Corn flat to fractionally lower, consolidating a day after the new-crop December contract reached $4.25, a 10-month high, triggering scattered farmer sales.
The USDA said private exporters reported sales of 140,000 tonnes of optional-origin corn to Saudi Arabia, including 70,000 tonnes for delivery in the 2017/18 marketing year and another 70,000 tonnes for 2018/19.
CBOT July corn last traded unchanged at $4.04-3/4 a bushel.
SOYBEANS – Up 1 to 2 cents per bushel
Soybeans edging higher on expectations of improving demand from top global buyer China as trade tensions ease. China’s state grain stockpiler returned this week to the US soybean market for the first time since early April, two sources said.
However, US President Donald Trump signaled a new direction in US and China’s trade talks, saying the current track appeared “too hard to get done” and that any possible deal needed “a different structure.”
The Brazilian government will propose a reduction of a tax on diesel in a bid to end a nationwide truckers’ protest against higher fuel prices, which is disrupting economic activity including soybean movement.
Source: Brecorder
