Content ID

331960

CBOT Trends-Soy up 30-35 cents, corn up 14-16 cents, wheat up 13-16 cents

CHICAGO, Aug 9 (Reuters) - Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Up 13 to 16 cents per bushel

* Wheat firm, led higher by spring wheat contracts after surprising drop in government's crop conditions report.

* The U.S. Agriculture Department said on Monday afternoon that spring wheat crop was rated 64% good to excellent, a 6 percentage point drop from a week earlier. Analysts had expected good-to-excellent ratings for spring wheat to remain stable with last week.

* Benchmark CBOT soft red winter wheat contract broke through technical resistance at its 10-day and 20-day moving averages during the overnight trading session.

* CBOT September soft red winter wheat futures last traded 14-1/4 cents higher at $7.94 a bushel. K.C. September hard red winter wheat was last up 16-1/4 cents at $8.64 a bushel, and MGEX September spring wheat was last 14 cents higher at $8.94-3/4.

CORN - Up 14 to 16 cents per bushel

* Corn firming on concerns that harvest yields might fall below expectations as crop conditions worsen in major production states like Iowa, Minnesota and Nebraska.

* USDA pegged the corn crop as 58% good to excellent, down 3 percentage points from a week ago and below trade forecasts for 60%.

* Private exporters reported the sale of 133,000 tonnes of corn to China for delivery in the 2022/23 marketing year, USDA said.

* Traders watching to see if CBOT December corn can rise above its 200-day moving average after threatening that key technical point overnight.

* CBOT September corn futures last traded up 16 cents at $6.24-1/2 a bushel. New-crop December corn was 15 cents higher at $6.22-1/4.

SOYBEANS - Up 30 to 35 cents per bushel

* Soy expected to rally on worsening crop ratings and strength in the crude oil market.

* USDA said the soy crop was rated 59% good to excellent, down 1 percentage point from a week ago and in line with market forecasts.

* CBOT November soybeans rose above their 10-day and 40-day moving averages overnight.

* CBOT November soybeans were last 30-1/4 cents higher at $14.30-1/4 a bushel. (Reporting by Mark Weinraub Editing by Mark Potter)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Talk in Marketing