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 Monday.
WHEAT - Down 6 cents to 9 cents per bushel
Technical setback expected after benchmark CBOT July soft red winter wheat contract fell below $5.00 a bushel during overnight trading session.
CBOT July soft red winter wheat fell below 23.6 retracement point on a Fibonacci chart tracking its rally to a four-month high earlier this month.
CBOT July wheat last traded down 7-1/2 cents at $4.97 per bushel. K.C. July hard red winter wheat was last down 6-1/2 cents at $4.42-1/2, and MGEX July spring wheat dropped 3-1/4 cents at $5.65-1/2.
CORN - Down 2 cents to 5 cents per bushel
Corn market under pressure from forecasts for warm and dry weather in the US Midwest that should allow farmers to have a good window to finish up their much-delayed planting tasks.
Concerns about yield cuts due to the late planting continue to underpin the market, limiting declines.
The US Department of Agriculture is expected to release its first report on the condition of the US crop on Monday afternoon. Planting progress also will be updated.
CBOT July corn last traded down 3-1/2 cents at $4.12-1/4 per bushel.
SOYBEANS - Down 6 cents to 8 cents per bushel
Midwest weather forecast, concerns about trade weigh on soybean market, which has fallen for three days in a row after rallying to a seven-week peak on Tuesday.
Most-active soybean contract fell to lowest since May 28 overnight.
China brought in 7.36 million tonnes of soybeans in May, down from 9.69 million tonnes last year, according to data from the General Administration of Customs.
Benchmark CBOT July soybean futures contract hit technical resistance during overnight trading at 40-day moving average. Support noted at 20-day moving average.
CBOT July soybeans last traded down 5-3/4 cents at $8.50-1/2 per bushel.
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