CHICAGO: Following are U.S. 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 Tuesday.
WHEAT - Down 10 cents to 15 cents per bushel
Technical selling expected in wheat futures after prices closed well below their peaks on Monday. Wheat also faces pressure from better-than-expected crop conditions report from U.S.
Agriculture Department.
USDA said the winter wheat crop was rated 64 percent good-to-excellent as of June 16, unchanged from a week ago. Analysts had been expecting good-to-excellent ratings of 63 percent.
Declines in spring wheat limited by concerns about crop development in the northern U.S. Plains. Good-to-excellent ratings for spring wheat crop fell by 4 percentage points in latest week.
CBOT July soft red winter wheat, which has risen for six straight days, fell below its five-day moving average during the overnight trading session.
CBOT July wheat last traded down 10-3/4 cents at $5.28-3/4 a bushel. K.C. July hard red winter wheat was last down 13-1/4 cents at $4.62-1/4, and MGEX July spring wheat was 4-3/4 cents lower at $5.55-1/2.
CORN - Down 8 cents to 10 cents per bushel
Corn futures setting back on profit-taking, technical selling after five straight days of gains pushed the most-active contract to a five-year high.
Benchmark CBOT July corn futures hit resistance during the overnight trading session at the high end of its 20-day Bollinger range. Support was noted near Friday's low of $4.41-3/4.
CBOT July corn last traded down 7-3/4 cents at $4.47 per bushel.
SOYBEANS - Down 4 cents to 6 cents per bushel
Profit-taking expected to weigh on soybean futures after most-active contract hit a 3-1/2-month high high overnight.
CBOT July soybean futures hit resistance at high end of 20-day Bollinger range overnight.
CBOT July soybeans last traded 5 cents lower at $9.07-3/4 per bushel.
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