You are here
CBOT Trends - Soy up 3-6 cents, corn up 2-4 cents, wheat down 1-3 cents
CHICAGO, Feb 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 - Down 1 to 3 cents per bushel
* Technical selling expected following two days of gains. Ample global supplies also hanging over market.
* Benchmark CBOT March wheat failed to hold support above its 20-day and 50-day moving averages during overnight trading before turning lower and dropping below its 30-day and 40-day moving averages.
* CBOT March wheat traded down 1-1/4 cents at $5.17 per bushel. K.C. March hard red winter wheat was off 1-1/4 cents at $4.92-1/2 a bushel and MGEX March spring wheat was 1-3/4 cents lower at $5.72.
CORN - Up 2 to 4 cents per bushel
* Bargain buying bounce expected following CBOT March corn contract's decline to lowest in nearly four weeks on Monday.
* Traders watching to see if March corn can hold support above low end of 20-day Bollinger range. Prices briefly dipped below that key technical point for first time since Nov. 26 on Monday.
* CBOT March corn traded up 2-3/4 cents at $3.75-1/2 per bushel.
SOYBEANS - Up 3 to 6 cents per bushel
* Soybeans expected to be supported by round of bargain buying, short-covering after dropping 1 percent on Monday.
* Benchmark CBOT March soybean futures hit technical resistance at 40-day moving average during overnight trading session.
* Top U.S. officials arrived in Beijing on Tuesday ahead of high-level trade talks as the world's two largest economies attempt to hammer out a deal ahead of a March 1 deadline and avoid another escalation of tariffs.
* CBOT March soybeans traded up 4-1/2 cents at $9.09-1/2 a bushel. (Reporting by Mark Weinraub)
© Copyright Thomson Reuters 2019. Click For Restrictions - http://about.reuters.com/fulllegal.asp