CHICAGO, March 12 (Reuters) - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) 8:30 a.m. CST (1430 GMT) on Friday.WHEAT - Even to up 1 cents per bushel CBOT wheat hovered near even overnight after a 1.5% drop Thursday, pressured by beneficial rains expected across the U.S. Southern Plains. China is scooping up supplies of U.S. white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high.
CANBERRA, March 12 (Reuters) - U.S. soybean futures edged higher on Friday as concerns about crops in South America stoked worries over global supplies.FUNDAMENTALS The most-active soybean futures on the Chicago Board Of Trade were up 0.1% to $14.14-1/2 a bushel by 0152 GMT, having closed up 0.3% on Thursday when prices earlier hit a March 3 low of $14.00-3/4 a bushel. Soybeans are down 1.5% for the week, the first weekly loss in five and the biggest seven-day slide in nearly two months.
Dryness wallops Argentina’s soy crop forecast, more cuts expected
Soy crops in key parts of Argentina’s farm belt have been hit by a yield-shriveling drought, spurring the Rosario grains exchange to slash its 2020/21 harvest estimate by 4 million tonnes to 45 million.
Analysts warned of more harvest forecast reductions ahead.
“February and the first 10 days of March did not provide significant rains to a large part of the central farm area. There are serious losses to yields and planted area. It is not yet possible to estimate the floor in terms of production,” the exchange said in its monthly crop report.
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