You are here

CBOT Trends - Corn, soy up 4-5 cents; wheat up 3-4 cents

CHICAGO, June 30 (Reuters) - 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. CDT (1330 GMT) on Tuesday.

NOTE: Traders await the U.S. Department of Agriculture's (USDA) acreage and quarterly stocks reports that will be released at 11 a.m. CDT (1600 GMT).

Tuesday is also first notice day for deliveries against CBOT July futures contracts.

WHEAT - Up 3 cents to 4 cents per bushel

* Wheat futures rising on short-covering.

* CBOT September soft red winter wheat last traded up 3-1/2 cents at $4.90 a bushel. K.C. September hard red winter wheat was last up 3-3/4 cents at $4.40-1/4 and MGEX September spring wheat last traded 3-3/4 cents higher at $5.13-1/2 per bushel.

CORN - Up 4 cents to 5 cents per bushel

* Follow-through technical buying expected after corn rallied 3.0% on Monday, its biggest one-day gain since March 19.

* Traders staking out positions ahead of USDA report that is expected to show corn acreage at 95.2 million acres, down 1.8% from the government's March forecasts.

* Benchmark CBOT September corn futures contract broke through resistance at its 20-day, 30-day, 40-day and 50-day moving averages overnight.

* CBOT September corn last traded up 3-3/4 cents at $3.22-1/2 per bushel.

SOYBEANS - Up 4 cents to 5 cents per bushel

* Technical buying supports soy market.

* CBOT November soybean futures found support at their 50-day moving average overnight. The contract then broke through the low end of its 20-day Bollinger range and its 40-day moving average before hitting resistance at its 30-day moving average.

* CBOT November soybeans last traded up 4-3/4 cents at $8.66-1/4 per bushel. (Reporting by Mark Weinraub; editing by Jonathan Oatis)

© Copyright Thomson Reuters 2020. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Agronomy Tip: Scout for Weed and Insect Problems

A farmer scouting soybeans. In early summer, check for weed and insect problems in the fields.

Talk in Marketing

Most Recent Poll

Will you apply for the Coronavirus Food Assistance Program (CFAP)?