Content ID

336019

Soybeans up 21-23 cents, corn up 3-5 cents, wheat up 3-5 cents

CHICAGO, Nov 11 (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. CST (1430 GMT) on Friday.

NOTE: Most U.S. government offices are closed for the federal Veterans Day holiday. The U.S. Commodity Futures Trading Commission plans to release its weekly Commitments of Traders report on Monday.

WHEAT - Up 3 to 5 cents per bushel

Wheat seen higher on bargain buying a day after the CBOT December contract dipped to a two-month low of $7.95-1/2, testing psychological support at the $8 mark. A sharp two-day retreat in the U.S. dollar lends support to wheat and other commodities, in theory making U.S. goods more competitive globally.

Additional support stems from uncertainty about grain export prospects from war-torn Ukraine. Talks between a Russian delegation and senior U.N. officials to address Moscow's grievances about the Black Sea grains export initiative began in Geneva, a U.N. spokesperson said.

Argentina's major Buenos Aires grains exchange slashed its wheat harvest forecast on Thursday to 12.4 million tonnes, from 14 million tonnes previously, amid a lengthy drought and frosts that have hit crops.

CBOT December soft red winter wheat was last up 3-1/2 cents at $8.07 a bushel. K.C. December hard red winter wheat was last up 7-3/4 cents at $9.33, and MGEX December spring wheat was last up 5 cents at $9.36-1/2.

CORN - Up 3 to 5 cents per bushel

Corn seen firm in range-bound trade, following early strength in soybeans, crude oil and wheat as the dollar falls sharply for a second day. Corn sometimes follows trends in crude oil due to its role as the main U.S. feedstock for ethanol fuel.

The spot CBOT December corn contract stayed inside of Thursday's trading range in early moves. Chart support noted at the contract's 100-day moving average near $6.50-1/2.

Traders continue to monitor headlines concerning Black Sea grain exports.

CBOT December corn was last up 4-1/2 cents at $6.57-3/4 per bushel.

SOYBEANS - Up 21 to 23 cents per bushel

Soybeans bounce on hopes that China's move to ease some COVID-19 curbs might spur economic activity, potentially boosting demand for goods including soybeans. A weaker dollar and strength in crude oil lend support. Still, the CBOT January contract stayed inside of Thursday's trading range in early moves.

The spot November contract expires on Monday.

CBOT January soybeans last traded up 22-1/4 cents at $14.45-1/4 a bushel. (Reporting by Julie Ingwersen)

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

Read more about
Loading...

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
49% (20 votes)
Yes
37% (15 votes)
Maybe, depending on yields
7% (3 votes)
No, it’s going to be a bin-buster
5% (2 votes)
No, I am looking at new bins or temporary storage
2% (1 vote)
Total votes: 41
Thank you for voting.