You are here

CBOT Trends - Wheat, corn up 6-8 cents; soybeans up 4-6 cents

CHICAGO, May 24 (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. CDT (1330 GMT) on Friday.

WHEAT - Up 6 cents to 8 cents per bushel

* Short-covering, bargain buying expected after two straight days of declines. Heavy rains that could lower quality of U.S. winter wheat crop as it heads toward maturity also add support to futures.

* Benchmark CBOT July soft red winter wheat contract rose above five-day moving average during overnight trading session.

* CBOT July wheat last traded up 6-1/4 cents at $4.76-1/2 per bushel. K.C. July hard red winter wheat was 6-1/4 cents higher at $4.31-1/2, and MGEX July spring wheat gained 7-1/2 cents to $5.41-3/4.

CORN - Up 6 cents to 8 cents per bushel

* Short-covering bounce expected as traders take some risk out of the market ahead of three-day U.S. Memorial Day holiday weekend. Forecasts for more rain that will further stall Midwest plantings and could curtail corn acreage also lend support.

* The U.S. Agriculture Department on Friday morning said that private exporters reported the sale of 113,000 tonnes of corn to Mexico for delivery in the 2018/19 marketing year.

* CBOT July corn last traded up 6-3/4 cents at $3.96-1/2 per bushel.

SOYBEANS - Up 4 to 6 cents per bushel

* Bargain buying expected after most-active soybean futures contract dipped to its lowest since May 14 on Thursday. Strength in corn also seen as supportive to soybeans.

* Benchmark CBOT July soybean futures rose above 10-day moving average overnight. Traders watching to see if contract can break through 20-day moving average.

* CBOT July soybeans last traded up 4-3/4 cents at $8.26-1/4 per bushel. (Reporting by Mark Weinraub; editing by Jonathan Oatis)

© Copyright Thomson Reuters 2019. Click For Restrictions -

Read more about

Tip of the Day

Throw Out No Silicone Before Its Time

How to preserve caulk tube The tip of a tube of silicone will often dry out in between uses. To create a complete seal for an open tube, I insert the tip into a... read more

Talk in Marketing