You are here

CBOT Trends - Wheat down 1-4 cents; corn, soybeans mixed

CHICAGO, March 15 (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 - Down 1 cent to 4 cents per bushel

* Some profit-taking expected as most active wheat contract has rallied 2.7 percent so far this week, on track for its biggest weekly gain in three months. Losses expected to be kept in check by short-covering.

* There were 23 deliveries against the CBOT March soft red winter wheat contract and zero deliveries against K.C. March hard red winter wheat. The contracts expired on March 14.

* CBOT May wheat last traded 2 cents lower at $4.50-3/4 per bushel. K.C. May hard red winter wheat was down 2-1/2 cents at $4.34 a bushel, and MGEX May spring wheat was off 1/2 cent at $5.52 a bushel.

CORN - Mixed, up 2 cents to down 2 cents per bushel

* Weakness in wheat weighs on corn futures but market is receiving support from concerns that wet conditions in the fields will slow U.S. plantings and may cause some growers to seed fewer corn acres than they planned.

* Support for benchmark CBOT May corn contract noted at 10-day moving average during overnight trading. Resistance seen at Thursday's high of $3.72-1/4 a bushel.

* There were 222 deliveries against CBOT March corn futures , which expired on March 14.

* CBOT May corn last traded 1/4 cent lower at $3.70 per bushel.

SOYBEANS - Mixed, up 2 cents to down 2 cents per bushel

* Choppy action expected as traders wait for monthly report on U.S. soybean crushing. Uncertainty about U.S. trade deal with China also keeps investors from staking out big positions.

* May soybean futures failed to hold support above 10-day moving average during overnight trading session. Prices have not settled above that key technical point since Feb. 25.

* National Oilseed Processors Association members likely crushed 158.730 million bushels of soybeans last month, according to an average of estimates given by 10 analysts in a Reuters survey. The February NOPA report will be released at 11 a.m. CDT (1600 GMT).

* There were 147 deliveries against CBOT March soybean futures , 177 deliveries against CBOT March soymeal and 13 deliveries against CBOT March soyoil. The contracts expired on March 14.

* CBOT May soybeans last traded up 1/2 cent at $8.99 a bushel. (Reporting by Mark Weinraub; Editing by Jeffrey Benkoe)

© Copyright Thomson Reuters 2019. Click For Restrictions -

Read more about

Tip of the Day

DIY Windbreak Attachment for Fence

wind break I used old rubber horse mats and strap iron to make a windbreak that hangs over my continuous fence. I bent the strap iron to make hooks... read more

Talk in Marketing

Most Recent Poll

How much of your 2019 corn crop is planted?