CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.
WHEAT - Down 3 to 5 cents per bushel
Wheat market remains weak after falling for eight out of the last nine sessions, led by 2.1 percent drop in MGEX spring wheat futures during overnight session. Light demand for US supplies pressures prices. Overnight support for benchmark CBOT September wheat contract noted near Monday's low of $4.83 a bushel.
Traders waiting for reports from Wheat Quality Council's tour of North Dakota. Scouts begin surveying spring wheat fields in southern portion of state on Tuesday.
The lowest offer at Egypt's GASC wheat tender on Tuesday was at $202.35 a tonne free-on-board (FOB) for 60,000 tonnes of Russian wheat, traders said. US wheat was offered at $10.65 per tonne higher.
CBOT September soft red winter wheat last traded down 3-3/4 cents at $4.85 per bushel; K.C. September hard red winter wheat was 3-3/4 cents lower at $4.83-3/4; MGEX September spring wheat was down 16 cents at $7.34-1/2.
CORN - Down 2 to 4 cents per bushel
Forecasts for crop-boosting rain across US Midwest expected to weigh on market. CBOT December corn dropped below 100-day and 200-day moving averages during overnight trading session but held above Monday's low.
CBOT December corn was last down 2-3/4 cents at $3.88 per bushel.
SOYBEANS - Up 6 to 8 cents per bushel
US Agriculture Department report on Monday afternoon that showed condition of US soy crop deteriorated by more-than-expected supporting prices. Technical buying also seen overnight. Benchmark CBOT November soybeans found support at the 23.6 retracement point on a Fibonacci chart.
CBOT November soybeans were up 7-1/2 cents at $10.17-1/2 a bushel in overnight trading.
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