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CBOT Trends-Wheat seen down 1-3 cents, corn and soy down 2-4 cents

Agriculture Online
 22 days ago

CHICAGO, Sept 24 (Reuters) - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Friday. WHEAT - Down 1-3 cents per bushel * Most-active futures retreated after topping a two-week high in light volume. * China is snapping up cargoes of Australian wheat as crop downgrades elsewhere lead to a global shortfall in output. * CBOT December soft red winter wheat last traded 2 cents lower at $7.15-3/4 per bushel. K.C. December hard red winter wheat was down 3-1/2 cents at $7.16-1/2, while MGEX December spring wheat was down 2-1/2 cents at $9.09. CORN - Down 2-4 cents per bushel * Futures ease under pressure from the advancing U.S. corn harvest that is replenishing supplies, analysts said. * "There will likely be some pre-hedging done today ahead of what is expected to be a strong harvest weekend," Summit Commodity Brokerage said in a note. * Traders are keeping an eye on CBOT oat futures after prices reached record highs. * The Korea Feed Association in South Korea purchased about 60,000 tonnes of animal feed corn in a private deal after earlier making no purchase in an international tender, European traders said. * CBOT December corn last traded down 2-3/4 cents at $5.26-1/2 a bushel. SOYBEANS - Down 2-4 cents per bushel * Traders anticipate dry weather in the U.S. Midwest and Delta will allow harvests to accelerate. * Soymeal prices in China, the world's top consumer of the animal feed ingredient, are rising after at least 20 soybean crushing plants shuttered to comply with curbs on industrial power consumption, industry participants said. * China's state planner called on state companies to provide sufficient power supply to fertilizer producers amid soaring prices. * November soybeans were last down 2-1/2 cents at $12.81-3/4 per bushel. (Reporting by Tom Polansek; Editing by Steve Orlofsky)

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