CHICAGO: The 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. CDT (1330 GMT) on Friday.
Wheat – Up 7 to 10 cents per bushel
Wheat futures higher on short covering ahead of the weekend after sinking to multi-month lows a day earlier. A weaker U.S. dollar and spillover support from higher corn and soybeans also underpinned the market.
CBOT September soft red winter wheat was last up 9-3/4 cents at $5.43-1/4 per bushel. K.C. September hard red winter wheat was last 11-1/2 cents higher at $5.29 per bushel. Minneapolis September wheat was last up 2-1/2 cents at $5.97-1/2 a bushel.
Corn – Up 3 to 6 cents per bushel
Corn higher on short covering and technical buying ahead of the weekend. Some concerns about excessive heat forecast for the U.S. Midwest next week also supportive.
The actively traded December corn contract broke through overhead technical resistance at its 20-day moving average during overnight trading and climbed to nearly a two-week high.
Above-normal temperatures are forecast for much of the Midwest farm belt over the next week before turning milder, meteorologists said. Some scattered showers are also expected.
CBOT December corn was last 5-1/4 cents higher at $4.26-1/4 per bushel.
Soybean heads for 3% weekly gain on US demand hopes
Soybeans – Up 8 to 12 cents per bushel
Soybeans firmer on short covering and technical buying ahead of the weekend, and as excessive heat in the Midwest forecast raised some concerns about yield impacts. Higher soyoil prices also supportive to soybeans.
Actively traded November soybeans broke through overhead technical resistance at the 50-, 100- and 200-day moving averages during overnight trading and partly filled a chart gap left after a plunge in prices two weeks ago.
Above-normal heat and some showers are forecast for the Midwest farm belt over the next week before temperatures turn milder, meteorologists said. Traders are monitoring forecasts ahead of August, when much of the U.S. soy crop begins filling pods.
CBOT November soybeans were last 10-1/4 cents higher at
American Dollar Exchange Rate