CHICAGO: Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT – down 5-10 cents per bushel
Wheat futures falling as dry weather in Australia reduces threat of quality damage to what has been forecast to be a record crop in that key export country.
Russia is considering reducing its looming wheat export quota slightly from a previously planned 9 million tonnes, five sources familiar with discussions among officials told Reuters on Wednesday.
The benchmark CBOT March soft red winter wheat hit resistance during the overnight trading session at its five-day moving average, a level it also could not maintain support above on Tuesday.
CBOT March soft red winter wheat ended overnight trading down 9-3/4 cents at $7.77-1/4 a bushel. K.C. March hard red winter wheat was last 9-1/4 cents lower at $8.02-1/2 a bushel, and MGEX March spring wheat dropped 5 cents to $10.16 a bushel.
CORN – Up 1 to 3 cents per bushel
Corn rising on strong demand from the ethanol sector. Gains in soy market also supportive to corn as rising soymeal prices could boost demand for corn-based feed, traders said.
March corn last traded up 2-1/4 cents at $5.92-1/2 a bushel.
SOYBEANS – Up 2 to 4 cents per bushel
Soybean futures rising ahead of National Oilseed Processors Association report that is expected to show active pace of crushing during November.—Reuters
Source: Brecorder
