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Friday, December 4, 2020

CBOT Trends - Wheat, corn down 3-5 cents; soybeans mixed - Successful Farming

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CHICAGO, Dec 4 (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. CST (1430 GMT) on Friday.

WHEAT - Down 3 to 5 cents per bushel

* Wheat easing on forecasts for good crop weather in Black Sea region as well as rain in southern U.S. Plains.

* Turkey's state grain board TMO made a final purchase totaling 400,000 tonnes of wheat in an international tender. The origin of the wheat is optional but a substantial part was expected to come from Russia.

* Traders watching to see if benchmark CBOT March soft red winter wheat contract can hold support above the low end of their 20-day Bollinger range.

* CBOT March soft red winter wheat last traded off 4-1/4 cents at $5.80-1/4 per bushel. K.C. March hard red winter wheat was 2-1/4 cents lower at $5.47-1/2. MGEX March spring wheat was last down 1 cent at $5.52-1/2.

CORN - Down 3 to 5 cents per bushel

* Mild technical setback expected in corn.

* Resistance for CBOT March corn futures noted at 10-day moving average overnight. The contract also dropped below its 20-day moving average during the session.

* Private exporters reported the sale of 182,020 tonnes of corn to Mexico, the U.S. Agriculture Department said.

* CBOT March corn was last 2-3/4 cents lower at $4.23-3/4 per bushel.

SOYBEANS - Mixed, up 2 cents to down 2 cents per bushel

* Choppy trade expected in wheat as investors square positions ahead of weekend. Some bargain buying expected with most-active contract on track to post biggest weekly loss since late October. But forecasts for rain in Brazil weigh on market.

* Technical resistance for benchmark January soybeans noted at 10-day moving average overnight. Support seen at 20-day moving average overnight.

* CBOT January soybeans last traded down 1/2 cent at $11.67-3/4 per bushel. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)

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December 04, 2020 at 09:12PM
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CBOT Trends - Wheat, corn down 3-5 cents; soybeans mixed - Successful Farming

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