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.
WHEAT – Down 5 to 6 cents per bushel
Wheat lower in rangebound trade as the US hard red winter wheat harvest gets under way in portions of the southern Plains. Recent hot temperatures in that region have hastened crop maturity.
Radar shows rains crossing northern US Plains spring wheat belt, which has been dry.
The US Department of Agriculture reported export sales of US wheat in the latest week at 300,400 tonnes (old and new crop years combined), in line with trade expectations.
Warm, dry weather in the European Union has boosted wheat crops after a damp, chilly spring, but dryness is now a risk in some zones as wheat enters a key month for determining yields, analysts said.
CBOT July soft red winter wheat last down 6-1/4 cents at $5.20 per bushel. K.C. July hard red winter wheat last traded down 5-1/2 cents at $5.37 and MGEX July spring wheat was down 1-3/4 cents at $6.10-1/4 a bushel.
CORN – Up 1 to 2 cents per bushel
Corn modestly higher on bargain-buying after the CBOT July contract fell to a one-month low this week. The contract stayed inside Thursday’s trading range in early moves. Traders monitoring forecasts for warm temperatures in the Midwest next week.
The USDA reported export sales of US corn in the latest week at 1,142,400 tonnes (old and new crop years combined), in line with trade expectations.
CBOT July corn last traded up 1 cent at $3.95 a bushel.
SOYBEANS – Up 3 to 4 cents per bushel
Soybeans higher after a three-session slide that pushed the July contract to a 1-1/2 week low on Thursday. Rallies capped by jitters about US trade relations with China, the world’s biggest soy buyer, as US Commerce Secretary Wilbur Ross heads to Beijing for weekend trade talks.
The USDA reported export sales of US soybeans in the latest week at 1,045,000 tonnes (old and new crop years combined), in line with trade expectations.
The USDA reported weekly soymeal export sales at 143,000 tonnes (old and new crop years combined), in line with trade expectations, and soyoil sales at 6,000 tonnes (all 2017/18), below trade expectations.
CBOT July soybeans last up 4-1/4 cents at $10.22-3/4 per bushel.
Source: Brecorder
