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IKAR in Mass Media

CBOT Trends - Soy up 7-8 cents, wheat up 5-7 cents, corn even

13 января 2021 года

CHICAGO, Jan 11 (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 Monday.

WHEAT - Up 5 to 7 cents per bushel

* Most-active CBOT soft red winter wheat contracts gained in overnight trading after three days of losses as the global market prepares for top wheat-producer Russia to implement a wheat export tax on February 15.

* Most-active CBOT March soft red winter wheat contract failed to hold support above its five-day moving average.

* Russian wheat export prices are rising ahead of its upcoming wheat export tax, analysts at the IKAR consultancy said.

* Egypt has strategic wheat reserves sufficient for five months, the cabinet said.

* A Syrian state grains agency has issued an international tender to purchase 200,000 tonnes of soft wheat for milling, European traders said.

* CBOT March soft red winter wheat last traded up 6 cents at $6.44-3/4 per bushel. K.C. March hard red winter wheat gained 6-1/2 cents to $6.01-1/4 per bushel. MGEX March spring wheat was last 2-1/2 cents higher at $6.10-3/4 per bushel.

CORN - Unchanged

* The CBOT's most-active corn contract was higher before ending the overnight session flat, as expectations for tighter supplies in Tuesday's supply and demand report offer support against news that Argentina will loosen export restrictions.

* The most-active contract is hovering just below the 6-1/2-year high of $5.02-3/4 hit on January 6.

* Argentina has lifted a suspension on corn exports announced in December and will opt instead for a temporary 30,000 tonne daily cap on sales abroad, its agriculture ministry said.

* Exporters sold 108,500 tonnes of corn for delivery to Colombia during the 2020/2021 marketing year, according to the U.S, Department of Agriculture.

* China is set to approve a genetically modified corn variety for domestic production, as well as two GMO corn varieties for import.

* The U.S. Supreme Court agreed to review a lower court ruling that severely limited the government's powers to exempt small refineries from the nation's biofuels law, rekindling a long-running dispute between the oil and corn industries.

* CBOT March corn was last unchanged at $4.96-1/4 per bushel.

SOYBEANS - Up 7 to 8 cents per bushel

* Soybeans supported ahead of the USDA's supply and demand report Tuesday, which traders anticipate will show tight global supplies.

* Overnight, the market reached $13.88-3/4, its highest since June 2014 and slightly above a previous 6-1/2 year top struck on Friday.

* China has approved a genetically modified soybean variety for domestic production.

* CBOT March soybeans were last up 7-1/4 cents at $13.78-1/2 per bushel.

Source: Reuters  |  #grain   |  Comments: 0   Views: 31

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