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Monday, July 6, 2020

CBOT Trends - Soybeans up 10-15 cents, corn up 3-5, wheat up 2-4 - Successful Farming

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CHICAGO, July 6 (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 Monday.

WHEAT - Up 2 cents to 4 cents per bushel

* Wheat futures firm on short-covering and spillover support from higher corn and soybeans. A smaller crop in rival exporter Russia and a weaker U.S. dollar adds support.

* Agriculture consultancy SovEcon downgraded its forecast for Russia's 2020 wheat crop, with lower yields expected in exporting regions in the south.

* CBOT September soft red winter wheat last traded up 3-3/4 cents at $4.95-3/4 a bushel. K.C. September hard red winter wheat was last up 4-1/2 cents at $4.38-1/2 and MGEX September spring wheat last traded 4-1/4 cents higher at $5.14-1/2 per bushel.

CORN - Up 3 cents to 5 cents per bushel

* Forecasts for hot U.S. Midwest weather and limited rains lifting corn as the crop enters pollination. Firm export demand, including from China, adds support.

* The U.S. Department of Agriculture (USDA) on Monday reported private sales of 202,000 tonnes of new-crop U.S. corn to China. The agency also reported 182,880 tonnes in corn sales to Mexico for shipment in the 2020/21 and 2021/22 marketing years.

* Most-active CBOT December corn futures reached a three-month high late last week after the USDA estimated U.S. corn plantings below trade expectations.

* CBOT December corn last traded up 4-1/2 cents at $3.58 per bushel.

SOYBEANS - Up 10 cents to 15 cents per bushel

* Forecasts for hot U.S. Midwest weather and limited rains buoys soybeans. Steady export demand from China also supportive.

* New-crop November soybeans hit a four-month high in overnight trading.

* The USDA on Monday reported private sales of 264,000 tonnes of old-crop U.S. soybeans to China.

* CBOT November soybeans last traded 13-1/4 cents higher at $9.10 per bushel. (Reporting by Karl Plume Editing by Nick Zieminski)

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July 06, 2020 at 08:24PM
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CBOT Trends - Soybeans up 10-15 cents, corn up 3-5, wheat up 2-4 - Successful Farming

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