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: US markets, including the CBOT, will be closed on Monday for the Memorial Day holiday. CBOT trading resumes Monday at 7 p.m. CDT (0000 GMT) for trades dated Tuesday.
WHEAT – Up 4 to 7 cents per bushel
Wheat higher on technical buying and worries about stressful crop weather in parts of North America and Russia.
Russian grain consultancy IKAR projected Russia’s wheat crop at 69.5-77.5 million tonnes for 2018/19, down from its previous forecast of 73-80 million tonnes.
CBOT July soft red winter wheat last up 6-3/4 cents at $5.37 per bushel. K.C. July hard red winter wheat last traded up 7-1/2 cents at $5.56-1/2 and MGEX July spring wheat was up 5-3/4 cents at $6.40-1/2 a bushel.
CORN – Up 1 to 2 cents per bushel
Corn firm on technical buying ahead of the long US holiday weekend and spillover strength from wheat. Active farmer selling noted on Thursday as the CBOT July contract hit a 10-month top and new-crop December notched a contract high.
CBOT July corn last traded up 1 cent at $4.05-1/4 a bushel.
SOYBEANS – Up 4 to 5 cents per bushel
Soybeans head higher on stepped-up demand from top global soy buyer China, technical buying and logistical problems in Brazil due to a truckers’ strike. The CBOT July soybean contract stayed inside of Thursday’s trading range in early moves
The USDA said private exporters reported sales of 165,000 tonnes of optional-origin soybeans to China and another 312,000 tonnes of US soybeans to China, all for delivery in the 2018/19 marketing year that begins Sept. 1.
A nationwide truck drivers’ protest in Brazil has been slow to wind down despite an agreement to end the mobilization, with many highway blockades in place Friday for a fifth straight day rattling sectors from agribusiness to automaking.
Argentina may halt the gradual lowering of soybean export taxes as the government speeds up its deficit-cutting effort.
CBOT July soybeans last up 4-1/4 cents at $10.40 per bushel.
Source: Brecorder
