Posted on February, 18, 2022 at 08:56 am
Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Thursday. NOTE: Friday is the last trading day for CBOT March agricultural options. U.S. markets including the CBOT will be closed on Monday, Feb. 21, in observance of the Presidents Day holiday. WHEAT - Up 6 to 8 cents per bushel * Wheat seen higher on tensions between Russia and the West over Ukraine amid concerns about risk to vital Black Sea grain shipments. * The U.S. Department of Agriculture reported export sales of U.S. wheat in the week ended Feb. 10 at 128,600 tonnes (old and new crop years combined), toward the low end of trade expectations for 75,000 to 650,000 tonnes. * The International Grains Council (IGC) left its forecast of 2021/22 global wheat production unchanged from last month at 781 million tonnes. * CBOT March soft red winter wheat last traded up 8-1/2 cents at $7.89 per bushel. K.C. March hard red winter wheat was last up 8-1/4 cents at $8.16-1/4 a bushel while MGEX March spring wheat was last unchanged at $9.52 a bushel. CORN - Up 1 to 4 cents per bushel * Corn seen higher on uncertainty about South American crop prospects and spillover strength from wheat amid political tension between Russia and Ukraine. * The USDA reported export sales of U.S. corn in the week ended Feb. 10 at 933,600 tonnes (old and new crop years combined), in line with trade expectations for 500,000 to 1,250,000 tonnes. * The International Grains Council lowered its forecast for 2021/22 global corn production by 4 million tonnes, to 1.203 billion, partly driven by diminished outlooks for Brazil and Argentina. * CBOT March corn futures last traded up 3-3/4 cents at $6.50-3/4 a bushel. SOYBEANS - Up 12 to 17 cents per bushel * Soybeans seen higher on worries of further drought losses to South American crops despite improved rain prospects for next week. The benchmark CBOT March contract reached $16.06 a bushel in early moves, its highest in a week. Strong U.S. export sales lend support. * The USDA reported export sales of U.S. soybeans in the week ended Feb. 10 at 2,887,900 tonnes (old and new crop years combined), near the high end of trade expectations. * Through its daily reporting system, the USDA confirmed private sales of 120,000 tonnes of U.S. old-crop soybeans to unknown destinations. * CBOT March soybeans last traded up 16-3/4 cents at $16.04-1/4 per bushel. (Reporting by Julie Ingwersen)
Source: Successful Farming