CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Wednesday.
WHEAT - Up 1 to 3 cents per bushel
Higher but rangebound, following strength in soybeans and corn. The large net short position held by commodity funds leaves CBOT wheat open to short-covering rallies.
Ukraine is expected to harvest 24.2 million tonnes of wheat in 2017, analyst UkrAgroConsult said, raising its forecast from 23.5 million tonnes.
CBOT May soft red winter wheat last up 1-1/2 cents at $4.28-1/2 per bushel; K.C. May hard red winter wheat up 3-3/4 cents at $4.25-1/2; MGEX May spring wheat up 1 cent at $5.28-1/4.
CORN - Up 1 to 3 cents per bushel
Higher on spillover strength from soybeans and short-covering after Tuesday's 1.3 percent slide in the CBOT May corn contract. Background support noted from worries about a slow start to planting in the core Midwest crop belt due to rains this week. Â * Commodity funds hold a large net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering.
CBOT May corn last up 2-1/2 cents at $3.65-1/2 a bushel.
SOYBEANS - Up 7 to 9 cents per bushel
Higher on bargain-buying, a day after the May contract hit its lowest level in a year. Worries about rains delaying the Argentine soy harvest add support, along with the return of China to the market after a two-day holiday.
Rallies capped by the USDA's forecast for US soybean plantings to reach a record-high 89.5 million acres for 2017, and by rising estimates of Brazil's soy crop.
Malaysian June palm oil futures rose more than 3 percent on spillover strength from rival edible oils markets and a bullish export outlook for April due to Ramadan demand.
CBOT May soybeans last up 8-1/4 cents at $9.46 a bushel.
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