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 Wednesday.
NOTE: The US Federal Reserve is scheduled to release a decision on interest rates at 1 p.m. CDT (1800 GMT), at the conclusion of a two-day meeting.
WHEAT - Up 1 to 2 cents per bushel Firm in rangebound trade, underpinned by dry conditions in parts of the US Plains and a weaker dollar.
Also, commodity funds maintain a large net short position in CBOT wheat, leaving the market vulnerable to bouts of short-covering. Ample global grain supplies hang over the market, limiting rallies. CBOT December soft red winter wheat last up 1-1/2 cents at $4.15-3/4 per bushel; K.C. December hard red winter wheat up 1-3/4 cents at $4.15-1/2; MGEX December spring wheat up 1-1/4 cents at $5.20-3/4.
CORN - Steady to up 1 cent per bushel Trade nearly flat as market awaits direction from the Federal Reserve, the outcome of the US presidential election next week and the US Department of Agriculture's Nov. 9 supply/demand reports. Ample global grain supplies hang over the market, limiting rallies.
Commodity brokerage INTL FCStone late Tuesday raised its forecast of the US 2016 corn yield to 175.3 bushels per acre, from 175.2 in October.
The firm forecast US corn production at 15.226 billion bushels, up from 15.163 billion last month.
CBOT December corn faces chart resistance at its 100-day moving average near $3.51.
CBOT December corn last traded unchanged at $3.49 per bushel.
SOYBEANS - Steady to up 1 cent per bushel Market trying to consolidate a day after a nearly 2 percent drop in the benchmark January contract.
Trade awaiting direction on interest rates, the US presidential election and the USDA's supply/demand reports next week. Export demand for US soy lends support.
The USDA said private exporters sold 132,000 tonnes of US soybeans to China for delivery in the 2016/17 marketing year.
Commodity brokerage INTL FCStone late Tuesday raised its estimate of the average US 2016 soybean yield to a record 52.8 bushels per acre, from 52.5 last month.
The firm raised its soybean production estimate to 4.386 billion bushels from 4.357 billion in October.
The CME Group reported 100 deliveries against the CBOT November soybean contract, the first of the cycle.
Malaysian palm oil futures rose on concerns about lower production and a weakening ringgit, palm's traded currency.
CBOT January soybeans last up 1/2 cent at $9.93-3/4 per bushel.
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