CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Thursday.
WHEAT - Steady to up 3 cents per bushel Follow-through buying from sharp rally on Wednesday expected but resistance noted at session high during overnight trading session.
Ample global supplies seen limiting gains as well as bearish export report.
The US Agriculture Department said on Thursday morning that export sales of wheat totaled 377,000 tonnes in the latest week, down from 570,785 tonnes a week earlier. Analysts expected wheat export sales between 400,000 and 650,000 tonnes.
CBOT December soft red winter wheat last up 2-1/2 cents at $4.07-1/2 per bushel; K.C. December hard red winter wheat up 1-3/4 cents at $4.16-3/4; MGEX December spring wheat up 3-1/4 cents at $5.27-3/4.
CORN - Steady to down 2 cents per bushel Pressure from ongoing harvest of what is expected to be record US crop keeps bearish tone over futures.
Falling cash market bids add to the declines. Strong export sales limit selling. Support for benchmark December contract noted during overnight trading at Wednesday's low.
Weekly corn export sales of 2.602 million tonnes (old-crop and new-crop combined) topped market forecasts that ranged from 1.6 million ton 2.1 million tonnes.
A week ago, the USDA reported corn export sales of 575,029 tonnes.
Brazil's Conab forecast the country's 2016/17 corn crop between 82.3 million and 83.8 million tonnes, up from 66.7 million tonnes in the 2015/16 marketing year.
CBOT December corn last down 1 cent at $3.46-3/4 per bushel.
SOYBEANS - Down 3 to 5 cents per bushel Reports of huge yields in fields across US Midwest keeping pressure on market. Declines kept in check by strong export demand.
For benchmark November contract, traders eyeing 61.8 percent Fibonacci retracement from October high at $9.49-3/4 a bushel, where support was found on Wednesday.
The USDA reported weekly soybean export sales of 2.180 million tonnes, up from 1.693 million tonnes a week ago and well above forecasts for 1.2 million to 1.5 million tonnes.
Conab said Brazil is likely to produce between 101.9 million and 104 million tonnes of soybeans in the 2016/2017 season, recovering from a drought-hit previous crop of 95.4 million tonnes.
Malaysian palm oil futures reversed losses to chart their strongest daily gains in nearly two weeks as a weaker ringgit supported prices.
The CBOT reported 88 new deliveries against the October soymeal contract, bringing the total for the period to 412. There were no new soyoil deliveries.
CBOT November soybeans last down 3-3/4 cents at $9.53 per bushel.
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