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 Thursday.
NOTE: Friday is the last trading day for CBOT May options.
WHEAT - Up 1 to 3 cents per bushel
Modestly higher, rebounding a day after the CBOT May contract hit a two-week low at $4.17-1/2 a bushel. Frequent showers seen aiding US Plains winter wheat yield prospects, although analysts noted some concern of excessive moisture.
Funds hold a large net short position, leaving the market vulnerable to short-covering.
The US Department of Agriculture reported export sales of US wheat in the latest week at 551,100 tonnes (old and new crop years combined), in line with trade estimates for 350,000 to 750,000 tonnes.
Trade awaits Statistics Canada's plantings report on Friday. The average estimate of Canadian all-wheat plantings for harvest in 2017 was 22.4 million acres, a six-year low if realized.
CBOT May soft red winter wheat last up 2 cents at $4.21 per bushel; K.C. May hard red winter wheat up 2-1/2 cents at $4.19-1/4; MGEX May spring wheat down 3/4 cent at $5.36-1/2.
CORN - Up 1 to 2 cents per bushel
Higher but rangebound as market consolidates above Wednesday's one-week low in the May contract of $3.60-1/2 a bushel. Forecasts called for improved planting conditions in the northern half of the Midwest this week.
Funds hold a large net short position, leaving the market open to bouts of short-covering.
The USDA reported export sales of US corn in the latest week at 848,200 tonnes (old and new crop years combined), at the low end of trade estimates for 800,000 to 1.3 million tonnes.
A shipment of Paraguayan corn was due to arrive next month at the US port of Wilmington, North Carolina, a US grains trader said on Wednesday.
The Brazilian government will offer up to 500 million reais ($159 million) in subsidies to help corn producers sell their large crop in the 2016/17 cycle.
CBOT May corn last up 1-3/4 cents at $3.63-1/2 a bushel.
SOYBEANS - Up 3 to 4 cents per bushel
Heading higher for a second session as the market consolidates above last week's one-year lows. Traders monitoring planting weather in the US Midwest and awaiting fresh news.
The USDA reported export sales of US soybeans in the latest week at 225,000 tonnes (old and new crop years combined), below trade estimates for 400,000 to 800,000 tonnes.
The USDA reported weekly soymeal export sales at 135,100 tonnes (old and new crop years combined) and soyoil sales at 33,200 tonnes (all old-crop), both in line with trade expectations.
Brazilian industry group Abiove raised its forecast of the country's 2016/17 soybean harvest to 110.7 million tonnes, up from 107.3 million in March.
Malaysian July palm oil futures rose 1.58 percent, ending six sessions of losses on strength in soyoil and a technical correction.
CBOT May soybeans last up 4 cents at $9.54-1/4 a bushel.
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