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 Tuesday.
NOTE: Trade awaits the US Department of Agriculture's small grains summary and quarterly stocks reports, both due on Friday.
WHEAT - Up 1 to 3 cents per bushel
Modestly higher on short-covering and positioning ahead of the USDA's small grains and quarterly stocks reports. Analysts expect the government on Friday to lower its estimate of US 2017 spring wheat and all-wheat production.
CBOT December wheat reached $4.56-3/4 a bushel, its highest since Aug. 16, ahead of the break in trade.
Rains are crossing parts of the southern US Plains, helping to recharge soil moisture as farmers continue to plant the 2018 winter wheat crop.
The USDA late Monday said the US winter wheat crop was 24 percent planted, behind the five-year average of 28 percent and slightly behind an average of analyst expectations for 26 percent.
CBOT December soft red winter wheat last traded up 2-3/4 cents at $4.56-3/4 per bushel, K.C. December hard red winter wheat was last up 2 cents at $4.56 while MGEX December spring wheat was down 3/4 cent at $6.48.
CORN - Steady to down 1 cent per bushel
Flat to easier in rangebound trade, awaiting more reports from the expanding corn harvest in the Midwest and the USDA's quarterly stocks report on Friday.
Forecasts called for dry conditions across most of the Midwest for the rest of this week, a factor that should promote harvest.
The USDA late Monday said the US corn harvest was 11 percent complete, behind the five-year average of 17 percent and slightly behind an average of analyst expectations for 14 percent.
CBOT December corn last traded down 1/2 cent at $3.53-1/4 per bushel.
SOYBEANS - Down 3 to 4 cents per bushel
Lower on follow-through technical selling a day after the CBOT November soybean contract dropped and closed below its 200-day moving average. Better-than-expected yield reports from the expanding US harvest add pressure, along with forecasts for beneficial rains in soy areas of Brazil ahead of planting.
China, the world's biggest soy buyer, will be on holiday next week.
The USDA late Monday said the US soybean harvest was 10 percent complete, behind the five-year average of 12 percent and near an average of analyst expectations for 11 percent.
Malaysian December palm oil rose 2.16 percent on concerns of weaker output growth.
CBOT November soybeans last traded down 3-1/4 cents at $9.68 a bushel.
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