CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday.
WHEAT - Up 3 to 5 cents per bushel
Wheat futures seen firm on follow-through buying from Wednesday's technical bounce and short-covering. Gains limited in K.C. hard red winter wheat contracts by expectations for bumper harvest in US Plains.
The US Agriculture Department said on Thursday morning that export sales of wheat totaled 419,400 tonnes in the latest reporting week, down from 651,444 tonnes a week ago.
Analysts' forecasts for wheat export sales ranged from 250,000 tonnes to 850,000 tonnes.
Crop scouts on the Wheat Quality Council's Kansas tour projected an average yield of 47.6 bushels per acre in the southwestern portion of the state, the highest since 2016.
The tour's prior five-year average for the same area is 39.3 bushels per acre.
There were 324 deliveries against the expiring CBOT May soft red winter wheat contract and 29 against MGEX May spring wheat futures. There were no deliveries against K.C.
May hard red winter wheat.
CBOT July wheat last traded up 4-1/4 cents at $4.40-1/4 per bushel. K.C. July hard red winter wheat was 3/4 cent higher at $4.00-3/4 and MGEX July spring wheat was up 2-1/2 cents at $5.14-1/2.
CORN - Mixed, up 2 cents to down 2 cents per bushel
Corn futures under pressure from mild profit-taking after seven straight days of gains.
But by short-covering and concerns about planting delays in the US Midwest provide support for the market.
Weekly corn export sales totaled 796,000 tonnes, in line with forecasts for 600,000 to 1.1 million tonnes.
A week ago, corn export sales came in at 782,872 tonnes. There were 775 deliveries against the expiring CBOT May corn contract.
CBOT July corn last traded unchanged at $3.68-1/2 per bushel.
SOYBEANS - Down 2 to 4 cents per bushel
Weak export sales report weighs on soybean futures but market expected to hold support above Wednesday's six-month low. Big South American crop, concerns about Chinese demand continue to hang over soy market.
Soybean export sales of 336,900 tonnes were below analysts' forecasts that ranged from 400,000 tonnes to 900,000 tonnes and the prior week's total of 618,998 tonnes.
There were 983 deliveries against the expiring CBOT May soybean contract, 295 deliveries against CBOT May soymeal and 502 deliveries against CBOT May soyoil.
CBOT July soybeans last traded down 2-1/2 cents at $8.49-1/4 per bushel.
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