You are here

CBOT Trends - Corn, soybeans steady to down 1 cent; wheat up 1-3 cents

CHICAGO, Nov 12 (Reuters) - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday.

WHEAT - Up 1 cent to 3 cents per bushel

* Wheat market moving higher, led by K.C. hard red winter wheat futures contracts, on concerns that cold snap in key growing areas of the U.S. Midwest may have damaged recently seeded crops.

* Traders watching to see if benchmark CBOT December soft red winter wheat contract can break through resistance at 30-day moving average. Support noted at 40-day moving average.

* CBOT December soft red winter wheat last traded up 1-1/4 cents at $5.07 per bushel. K.C. December hard red winter wheat was last up 3-1/4 cents at $4.26, and MGEX December spring wheat was last up 1-1/2 cents at $5.16-3/4.

CORN - Steady to down 1 cent per bushel

* Corn market steadying near the six-week low it hit during the past two trading sessions. Trade awaits weekly crop progress update and export inspections report from U.S. Agriculture Department for fresh fundamental news.

* Traders watching to see if most-active contract can hold support above the low end of its 20-day Bollinger range.

* CBOT December corn last traded up 1/4 cent at $3.73-1/2 per bushel.

SOYBEANS - Steady to down 1 cent per bushel

* Soybean futures stabilizing after notching biggest one-day loss in more than two months on Monday. But uncertainty about possibility of trade deal between United States and China keeps market under pressure.

* Most-active soybean futures contract dipped to its lowest since Oct. 8 during overnight trading session.

* Benchmark CBOT January soybean futures contract firmed early during overnight trading but turned lower after hitting resistance after failing to hold technical support above 200-day moving average.

* The CBOT reported 233 deliveries against the November contract, which expires Nov. 14, bringing the total for the period to 4,396.

* CBOT January soybeans last traded down 1/4 cent at $9.16-3/4 per bushel. (Reporting by Mark Weinraub; Editing by Andrea Ricci)

© Copyright Thomson Reuters 2019. Click For Restrictions -

Read more about

Tip of the Day

Tech Tip: Pictures Really Are Worth a Thousand Words

Whenever possible, get pictures of any used precision ag technology items you are interested in buying.

Talk in Marketing

Most Recent Poll

What type of podcast content do you want from Successful Farming?