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 Tuesday.
WHEAT - Down 4 to 5 cents per bushel Lower on technical selling and profit-taking after a three-session advance.
The CBOT December contract reached a seven-week high on Friday but was unable to find support at that level this week. Market underpinned by funds holding a large net short position.
The US Department of Agriculture said the US winter wheat crop was 72 percent planted, near the five-year average of 73 percent but behind an average of trade expectations for 75 percent.
CBOT December soft red winter wheat last down 5 cents at $4.18-3/4 per bushel; K.C. December hard red winter wheat down 3-1/2 cents at $4.18-1/2; MGEX December spring wheat down 1 cent at $5.28.
CORN - Down 1 to 2 cents per bushel Lower on technical selling, weakness in wheat and soybeans, and pressure from the ongoing US harvest. CBOT December corn stayed inside Monday's trading range overnight.
The USDA said the US corn harvest was 46 percent complete as of Sunday, behind the five-year average of 49 percent and lagging trade expectations.
China's state stockpiler Sinograin is offering to purchase corn in north-east China at market prices, analysts said, underlining the government's willingness to let prices for the crop fall close to international levels.
CBOT December corn last down 1-3/4 cents at $3.52-1/4 per bushel.
SOYBEANS - Down 3 to 4 cents per bushel Lower, led by a downturn in soyoil.
CBOT December soyoil hit its highest since April overnight but then retreated, tracking a 2 percent fall in Malaysian palm oil. CBOT November soybeans reached a 3-week high at $9.83-3/4 per bushel overnight before turning lower.
Additional pressure noted from the harvest of a record-large US soy crop.
The USDA through its daily reporting system said private exporters sold 706,500 tonnes of US soybeans to China for 2016/17 delivery.
The USDA's soy sales announcement followed a visit to Iowa last week by a delegation of Chinese soy buyers who signed purchase agreements to buy 5.1 million tonnes of US soybeans.
The USDA said the US soybean harvest was 62 percent complete by Sunday, near the five-year average of 63 percent and in line with trade expectations.
Malaysian palm oil rose to its highest levels in two and a half years before dropping sharply in a market correction and on concerns about weak export demand.
CBOT November soybeans last down 4-1/4 cents at $9.74 per bushel.
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