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 - Down 4 cents to 7 cents per bushel
Wheat futures dragged down by drop in corn market, pressure from ongoing harvest of US winter wheat crop.
The US Agriculture Department said that weekly export sales of wheat totaled 347,300 tonnes in the latest reporting week, in line with trade forecasts that ranged from 200,000 tonnes to 400,000 tonnes.
Benchmark CBOT September soft red winter wheat contract hit resistance as it neared the 50-day moving average. The contract held support during overnight trading session just above the July low of $4.98 a bushel.
CBOT September soft red winter wheat last traded down 6 cents at $4.99-1/2 a bushel. K.C. September hard red winter wheat was last down 4-1/2 cents at $4.37-1/4 a bushel while MGEX September spring wheat was last down 1-1/4 cents at $5.26-1/2 a bushel.
CORN - Down 6 cents to 8 cents per bushel
Corn market easing on forecasts for better crop weather in the US Midwest. Latest outlooks call for rain and a return to cooler temperatures early next week, relieving potential stress on developing corn. Poor exports add pressure to corn.
Weekly corn export sales came in at a combined 333,000 tonnes, below market forecasts that ranged from 350,000 tonnes to 800,000 tonnes.
CBOT December corn found support during overnight trading at its 50-day moving average. The contract has not traded below that key technical point since May 16.
CBOT December corn futures last traded down 8-1/4 cents at $4.33-1/4 a bushel.
SOYBEANS - Down 3 cents to 5 cents per bushel
Concerns about the trade fight with China weigh on soybean futures in addition to improving US weather forecast.
USDA said soybean export sales totaled 326,300 tonnes. Analysts' forecasts ranged from 100,000 tonnes to 700,000 tonnes.
The USDA report showed that China canceled deals to buy 9,900 tonnes of US soybean in the week ended July 11.
CBOT November soybean futures briefly dipped below its 50-day moving average overnight, the first time it has traded below that point since June 12.
CBOT November soybeans were last down 4-3/4 cents at $8.95-3/4 a bushel.
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