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 Tuesday.
WHEAT - Down 3 cents to 6 cents per bushel Wheat market squeezed by poor demand for US supplies on the export market. Some profit taking also expected after two days of gains.
The lowest offer for wheat at an Egyptian state purchase tender was $198.70 per tonne for 55,000 tonnes of Ukrainian wheat, traders said.
Support for benchmark CBOT September soft red winter wheat contract noted around 100-day moving average during overnight trading session.
CBOT September soft red winter wheat last traded down 3-3/4 cents at $4.90-3/4 a bushel. K.C. September hard red winter wheat was last down 6 cents at $4.20-3/4 a bushel and MGEX September spring wheat last traded 2-1/2 cents lower at $5.22 a bushel.
CORN - Down 2 cents to 4 cents per bushel
Corn futures easing after overnight showers in parts of US Midwest provided shot of much-needed moisture to boost corn and soybean development. Forecasts for more rain in the next week add pressure.
US Agriculture Department said on Monday afternoon that US corn crop was rated 57 percent good to excellent as of Aug. 4, in line with market forecasts.
CBOT December corn futures dropped 100-day moving average overnight. .
CBOT December corn last traded down 2-1/2 cents at $4.12-1/4 a bushel.
SOYBEANS - Steady to up 2 cents per bushel
Bargain-buying bounce expected after most-active soybean futures contract fell to lowest since June 12 on Monday.
Fears of trade war with China limiting export opportunities for crops that will be harvested in coming weeks keep gains in check.
The US soybean crop was rated 54 percent good to excellent, unchanged from a week earlier. Analysts' had been expecting good-to-excellent ratings of 53 percent, according to the average of estimates in a Reuters poll.
CBOT November soybeans last traded up 1-1/2 cents at $8.70-1/4 a bushel.
Comments
Comments are closed for this article.