CHICAGO: Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Friday.
Wheat – Up 4 to 7 cents per bushel
CBOT wheat futures higher on short covering after two sessions of declines. Strong weekly export sales also supportive.
Actively traded May wheat hit overhead technical chart resistance at its 200-day moving average during overnight trading.
Traders are watching for reports of crop damage in the U.S. and Russian wheat belts after a recent cold snap.
The U.S. Department of Agriculture (USDA) reported net old-crop U.S. wheat export sales in the week ended February 13 at 532,700 metric tons, at the high end of a range of trade estimates. New-crop sales topped forecasts at 98,500 tons.
Wheat set for seventh straight weekly gain on tightening supply
CBOT May soft red winter wheat was last up 6-1/4 cents at $6.06-1/2 per bushel. K.C. May hard red winter wheat was last 5-3/4 cents at $6.25-3/4 a bushel and Minneapolis May spring wheat was up 3-1/4 cents at
$6.51 a bushel.
Corn – Steady to down 2 cents per bushel
Corn futures steady to weak on profit taking ahead of the weekend and after hitting 16-month highs this week. Forecasts for widespread rain in Argentina’s farm belt and parts of Brazil next week also weighing on futures. Good weekly export sales limiting declines.
Expectations for a large increase in U.S. corn plantings this spring hanging over the market. Agricultural lender CoBank on Thursday projected a 4% jump in corn acres in 2025.
The USDA reported net U.S. corn export sales in the week ended February 13 at 1.45 million metric tons, near the high end of a range of trade estimates.
CBOT May corn was last steady at $5.12-3/4 per bushel.
Soybeans – Steady to down 2 cents per bushel
Soybean futures weak on forecasts for improved rains next week in drought-hit Argentina and dry areas of Brazil. Trade tensions between the United States and top soy importer China also hanging over the market.
Actively traded May soybeans broke through overhead technical chart resistance at its 20-day moving average during overnight trading, but failed to hold the gains.
The USDA said net U.S. soybean export sales in the week ended February 13 totaled 480,300 metric tons, at the high end of a range of trade estimates.
CBOT May soybeans were last down 1/4 cent at $10.62-3/4 per bushel.
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