Content ID

335238

CBOT Trends-Wheat up 13-15 cents, soy up 5-7 cents, corn up 1-3 cents

CHICAGO, Oct 27 (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 Wednesday.

WHEAT - Up 13 to 15 cents per bushel

* Technical bounce expected in wheat after the most-active contract sank to its lowest level since Sept. 19 on Wednesday. Strong export report adds support.

* The U.S. Agriculture Department said on Thursday morning that export sales of wheat totaled 533,200 tonnes in the week ended Oct. 27. That was above the high end of trade expectations that ranged from 100,000 to 500,000 tonnes.

* The benchmark CBOT December soft red winter wheat contract rose above its five-day and 10-day moving averages during the overnight trading session.

* Support was noted at the 61.8% retracement point on a Fibonacci chart tracking the December contract's rally to its highest since June 29 earlier this month.

* CBOT December soft red winter wheat ended the overnight trading session 14 cents higher at $8.54-1/2 bushel. K.C. December hard red winter wheat was last up 11 cents at $9.51-3/4 a bushel, and MGEX December spring wheat gained 8-1/4 cents to $9.60-1/4 a bushel.

CORN - Up 1 to 3 cents per bushel

* Corn firming on spillover support from strength in wheat and soybeans but poor overseas demand expected to cap gains.

* Benchmark CBOT December corn found support near its 30-day moving average overnight. The contract then rose above its 20-day moving average.

* Weekly corn export sales of 264,000 tonnes were below the low end of analysts' estimates that ranged from 350,000 to 1.075 million tonnes.

* CBOT December corn futures last traded up 2-1/2 cents at $6.87-1/2 per bushel.

SOYBEANS - Up 5 to 7 cents per bushel

* Soybeans seen firmer, with market underpinned by good demand on both the export and domestic fronts.

* USDA said that weekly soybean export sales totaled 1.026 million tonnes, in line with trade forecasts for 800,000 to 1.850 million.

* CBOT November soybeans rose above their 10-day moving average overnight.

* CBOT November soybeans were last up 7 cents at $13.88-3/4 a bushel. (Reporting by Mark Weinraub; Editing by Andrea Ricci)

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

Read more about
Loading...

Tip of the Day

Music is calming

AATF department logo Leave a weather monitor or radio turned on 24-7 – with the volume up – in your calving barn during calving season.

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
45% (25 votes)
Yes
38% (21 votes)
No, it’s going to be a bin-buster
7% (4 votes)
Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 55
Thank you for voting.