Content ID

322930

CBOT Trends-Corn up 1-2 cents, soy even to up 2 cents, wheat down 4-5 cents,

CHICAGO, Jan 14 (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. CST (1430 GMT) on Friday. Notice: Markets will be closed on Monday, Jan. 17, 2022 in observance of Martin Luther King Jr. Day. Markets will reopen on Tuesday, Jan. 18, 2022. WHEAT - Down 4 to 5 cents per bushel * Wheat fell overnight, poised for a third session lower as stronger global production assessments ease supply concerns, though dryness across the U.S. Plains region limits losses. * The CBOT's most-active wheat contract found technical resistance at its 100-day moving average overnight. * For the week, the contract is aimed at a 2% drop, its third consecutive week lower. * Algeria’s state grains agency OAIC has started purchasing milling wheat expected to be sourced from South America and the Black Sea region in an international tender, European traders said. * CBOT March soft red winter wheat ended the overnight trading session down 4-1/4 cents at $7.42-1/2 a bushel. K.C. March hard red winter wheat last traded 8-1/4 cents lower at $7.51-1/2 a bushel, and MGEX March spring wheat lost 10-1/4 cents to $8.85-1/4 a bushel. CORN - Up 1 to 2 cents per bushel * Corn futures traded just above even overnight as traders weighed forecasts for rain in parts of Argentina that could rejuvenate beleaguered crops in the region. * The most-active corn contract held near its 50-day moving average overnight. * For the week, the contract is poised for a 2.9% loss, its first of the new year. * Anticipated rainfall across parts of Argentina in the coming week should aid developing corn crops in the region, though forecasters say more is needed. * CBOT March corn futures last traded up 1-3/4 cents at $5.89-1/4 a bushel. SOYBEANS - Even to up 2 cents per bushel * Soybeans traded near even overnight after the week's second big sell-off the day prior, pressured by forecasts for rain across parts of South America that could bolster parched crops in the region. * For the week, the most-active soybean contract is poised to fall 2.25%, its biggest weekly decline since the week ended Nov. 5, 2021. * China's soybean imports in 2021 fell to 96.52 million tonnes, down 3.8% from 100.33 million tonnes in 2020, the first annual drop since 2018, customs data showed, depressed by weakening demand from its massive livestock sector. * Brazil is poised to reap just above 134 million tonnes of soybeans this season, 7% below the previous November forecast by agribusiness consultancy Agroconsult, as a drought may cause the country's average yields to reach a six-year low. * March soybeans last traded 1-3/4 cents higher at $13.79 per bushel. (Reporting by Christopher Walljasper; editing by Jonathan Oatis)

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