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: Monday is first notice day for CBOT November soybean deliveries. WHEAT - Up 1 to 3 cents per bushel Heading higher for a third straight session on technical buying and short-covering, with the CBOT December contract nearing a one-week top overnight at $4.17 a bushel. Stronger-than-expected weekly US export sales lend support.
The US Department of Agriculture reported export sales of US wheat in the latest week at 646,100 tonnes, above a range of trade estimates for 350,000 to 550,000 tonnes.
Sales of hard red spring wheat, at 308,800 tonnes, accounted for nearly half the USDA's weekly all-wheat export sales total.
The International Grains Council raised its forecast for the 2016/17 world wheat production by 1 million tonnes, to 748 million.
CBOT December soft red winter wheat last up 2-3/4 cents at $4.14-1/4 per bushel; K.C. December hard red winter wheat up 3/4 cent at $4.17-3/4; MGEX December spring wheat up 3/4 cent at $5.26-1/4.
CORN - Steady to up 1 cent per bushel
Higher on technical buying, with the CBOT December contract pushing through its 100-day moving average near $3.54 overnight. Disappointing weekly export sales seen curbing upward momentum. * The USDA reported export sales of US corn in the latest week at 799,300 tonnes, below a range of trade estimates for 900,000 to 1,200,000 tonnes.
Through its daily reporting system, the USDA said private exporters sold 204,000 tonnes of grain sorghum to China for 2016/17 delivery.
The International Grains Council raised its forecast for the 2016/17 world corn crop by 8 million tonnes to 1.035 billion tonnes, largely reflecting improved outlooks for crops in the United States and Argentina.
CBOT December corn last up 1/2 cent at $3.54-1/2 per bushel.
SOYBEANS - Down 1 to 2 cents per bushel Turned lower ahead of the break in trade on technical selling and profit-taking after the November contract fell short of the Aug. 22 high of $10.20, hitting resistance at $10.18.
Weekly export sales were strong, topping 2 million bushels, but in line with trade expectations.
Market underpinned by expectations of continued export demand.
The USDA reported export sales of US soybeans in the latest week at 2,045,400 tonnes, in line with trade estimates for 1,500,000 to 2,500,000 tonnes.
Through its daily reporting system, the USDA said private exporters sold 129,000 tonnes of US soybeans to unknown destinations and another 396,000 tonnes to China, all for delivery in the 2016/17 marketing year.
The USDA reported weekly export sales of soymeal at 146,200 tonnes for 2016/17, below trade expectations, and 400 tonnes for 2017/18.
The USDA reported weekly export sales of soyoil at 24,500 tonnes, toward the high end of trade expectations.
Malaysian palm oil futures dipped as selling in the Chinese markets and concerns over weak exports outweighed benefits from a weaker ringgit currency.
CBOT November soybeans last down 1-1/2 cents at $10.08-1/2 per bushel.
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