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 – Up 3 to 5 cents per bushel.
Wheat seen extending rally on concerns about global production, with more signs of damage in Germany supporting gains. Benchmark CBOT September soft red winter wheat contract faced technical resistance at high end of 20-day Bollinger range during overnight trading. Traders watching to see if contract can break through Tuesday’s high of $5.65 a bushel.
CBOT September soft red winter wheat last traded up 5-3/4 cents at $5.59-1/2 per bushel. K.C. September hard red winter wheat rose 6 cents to $5.62-1/2 overnight, while MGEX September spring wheat gained 3-1/4 cents to $6.09-1/2 per bushel.
CORN – Down 1 cent to 3 cents per bushel
Weakening as the weather outlook for US Midwest, with latest forecasts cooler and wetter than pervious ones. Benchmark CBOT September corn contract faced technical resistance at high end of 20-day Bollinger range during overnight trading.
CBOT September corn last traded down 2-1/4 cents at $3.70 a bushel.
SOYBEANS – Down 11 to 16 cents per bushel
Market seen falling sharply on news that Trump administration plans to propose slapping a 25 percent tariff on $200 billion worth of imported Chinese goods. CBOT August and November soybean contracts fell through high end of 20-day Bollinger range overnight. Traders watching to see if contracts hold technical support at 40-day moving average.
CBOT August soybeans last traded down 15-1/2 cents at $8.88-1/4 a bushel while new-crop November soybeans were 15 cents lower at $9.04 per bushel.
Source: Brecorder
