CHICAGO: Following are U.S. 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 – Steady to up 2 cents a bushel
Wheat futures firm on technical buying and short covering following three sessions of declines. Gains capped by tepid U.S. export demand and a firmer U.S. dollar.
Actively traded CBOT May wheat hit overhead chart resistance at its 20-day moving averages in overnight trading.
CBOT May soft red winter wheat was last up 1 cent at $5.58-1/4 per bushel. K.C. May hard red winter wheat was last up 2-3/4 cents at $5.89-1/4 per bushel, and Minneapolis May spring wheat was up 1/2 cent at $6.05-1/4 per bushel.
Wheat down 2-6 cents, corn up 1-4, soybeans down 3-5
Corn – Steady to down 2 cents a bushel
Corn futures ease after two sessions of gains that took prices to a one-week high. Forecasts for rising global supplies and a sharp increase in U.S. plantings weighing on the market.
Actively traded May futures failed to extend Thursday’s gains in overnight trading and hit overhead technical chart resistance at its 20-day moving average.
Traders positioning ahead of the U.S. Department of Agriculture (USDA) grain stocks and prospective plantings reports on March 31.
CBOT May corn was last down 3/4 cent at $4.68-1/4 per bushel.
Soybeans – Steady to down 2 cents a bushel
Soybeans down slightly in a narrow trading range. Prices anchored by tariff concerns and slowing U.S. export demand as a bumper South American harvest floods the global market.
Traders positioning ahead of USDA’s March 31 grain stocks and prospective plantings reports. The agency is expected to report a sharp drop in U.S. soy plantings this spring.
The Buenos Aires grains exchange trimmed its Argentine soy harvest forecast by 1 million metric tons due to drought in the northeast.
CBOT May soybeans were last down 1-3/4 cents at $10.11-1/4 per bushel.
