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 Monday.
WHEAT - Down 1 to 3 cents per bushel Outlook for favorable rains and mild temperatures in the US Plains weighing on prices amid plentiful global supplies. CBOT May wheat hit resistance at 30-day moving average overnight. Some profit-taking expected following most-active contract's 1.4 percent weekly gain.
MGEX spring wheat contracts firmed overnight amid ideas that rains could delay plantings.
CBOT May soft red winter wheat last down 1-1/4 cents at $4.28-1/2 per bushel; K.C. May hard red winter wheat down 2-3/4 cents at $4.24-1/2; MGEX May spring wheat up 1-3/4 cents at $5.32.
CORN - Down 1 to 3 cents per bushel
Market seen as technically overbought after prices hit five-week high on Thursday. Benchmark May contract hit resistance at high end of 20-day Bollinger range during overnight trading session.
CBOT May corn last down 1 cent at $3.70 a bushel.
SOYBEANS - Steady to up 1 cent per bushel
Rain forecasts that threaten to delay plantings underpin market. Prices firmed to the highest in more than two weeks during the overnight session but technical sellers pulled prices from their peaks after benchmark May contract briefly broke through its 20-day moving average for the first time since March 6.
Trade waiting for monthly National Oilseed Processors Association report at 11:00 a.m. CDT (1600 GMT). Analysts expecting March crush of 156.728 million bushels.
Malaysian palm oil futures dropped to an eight-month low, pressured by expectations of rising production in Malaysia and Indonesia.
CBOT May soybeans last up 1/2 cent at $9.56 a bushel.
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