Chicago late call
Wheat is called to open 6 to 8 cents per bushel lower. Bears have solid downside technical momentum on their side in the wheat markets after recent setbacks, traders said. CBOT July wheat, which represents the new crop, is down more than $4.50 from its high last month and overnight fell to its lowest price since Jan. 14.
"Prices are still in a six-week-old downtrend on the daily bar chart," a technical analyst said.
Total weekly wheat export sales of 272,000 tons were nothing to get excited about either, traders said.
Soybean futures are called to start the session 4 to 6 cents higher.
Demand prospects linked to a possible resumption of an Argentina farmers' strike next week continues to support futures, and with prices holding above key technical levels, bullish psychology remains in the market, analysts said.
However, a firmer U.S. dollar index is seen limiting upside momentum, a CBOT floor trader said. Also rumours circulating that the Argentine government may possibly suspend the tax on exports that farm groups oppose will keep traders cautious.
Corn futures are expected to open 2-3 cents a bushel higher Thursday after prices bounced slightly in overnight trade following a lower pit close on Wednesday and as showers and storms move through the heart of the corn belt, analysts said.
"Prices are still in a six-week-old downtrend on the daily bar chart," a technical analyst said.
Total weekly wheat export sales of 272,000 tons were nothing to get excited about either, traders said.
Soybean futures are called to start the session 4 to 6 cents higher.
Demand prospects linked to a possible resumption of an Argentina farmers' strike next week continues to support futures, and with prices holding above key technical levels, bullish psychology remains in the market, analysts said.
However, a firmer U.S. dollar index is seen limiting upside momentum, a CBOT floor trader said. Also rumours circulating that the Argentine government may possibly suspend the tax on exports that farm groups oppose will keep traders cautious.
Corn futures are expected to open 2-3 cents a bushel higher Thursday after prices bounced slightly in overnight trade following a lower pit close on Wednesday and as showers and storms move through the heart of the corn belt, analysts said.
