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.
NOTE: The US Department of Agriculture's weekly export sales report is delayed until Friday due to this week's Columbus Day holiday.
WHEAT - Up 4 to 5 cents per bushel Heading higher on fund short-covering and a pick-up in global export business.
Rallies limited by plentiful domestic and global wheat supplies, underscored in Wednesday's monthly USDA supply/demand reports.
Trade awaits the results of an international wheat tender from Egypt's GASC. An offer of US wheat was disqualified because it was hard wheat as opposed to the soft wheat called for by GASC's tender booklet.
Saudi Arabia's main state grain buyer SAGO said it was seeking to purchase 595,000 tonnes of hard wheat from global suppliers in an international tender.
Syria's state grain buying agency Hoboob bought one million tonnes of Russian wheat at 150 euros a tonne, on a cost and freight basis, a Syrian government source close to the matter said.
CBOT December soft red winter wheat last up 5-1/4 cents at $4.02 per bushel; K.C. December hard red winter wheat up 4-3/4 cents at $4.03-1/4; MGEX December spring wheat up 3-1/4 cents at $5.25.
CORN - Steady to up 1 cent per bushel Firm on technical buying and short-covering, one day after the December contract fell 2 percent. Rallies limited by a record-large US corn crop projected in Wednesday's USDA supply/demand reports.
Chart support noted in CBOT December corn at its 50-day moving average near $3.35 a bushel.
CBOT December corn last up 1 cent at $3.38 per bushel.
SOYBEANS - Steady to up 1 cent per bushel Technical bounce after the November soybean contract dipped to a two-week low overnight at $9.41 per bushel; traders eyeing support at $9.40 and the contract's Sept. 27 low of $9.34. Rallies capped by the USDA's forecast of a record-large US soybean harvest, and worries that the government might raise its US soy yield estimate again next month..
The USDA said private exporters sold 126,000 tonnes of US soybeans to China, 115,000 tonnes of soybeans to unknown destinations and 126,000 tonnes of US soymeal to unknown destinations, all for 2016/17 delivery.
The CBOT reported 143 October soymeal deliveries and 137 soyoil deliveries. Malaysian palm oil futures closed lower as the market corrected following a two-day rally and higher output forecasts by industry analysts weighed on traders' sentiment.
CBOT November soybeans last up 1-3/4 cents at $9.47-1/4 per bushel.
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