CBOT Trends-Wheat down 1-3 cents; corn steady-down 2 cents, soy up 1-3 cents

CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Down 1 to 3 cents per bushel

Sank to a three-week low during overnight trading on weak demand. Traders watching to see if benchmark CBOT July soft red winter wheat falls below contract low of $4.16 a bushel, which it hit on April 25. Concerns about disease in wet growing areas of United States keeping declines in check.

CBOT July soft red winter wheat was 1ast down 2 cents at $4.21-1/4 per bushel, K.C. July hard red winter wheat was last down 3-3/4 cents at $4.24-3/4, and MGEX July spring wheat was down 2-1/4 cents at $5.37-3/4.

CORN - Steady to down 2 cents per bushel

Better-than-expected report on pace of US corn seeding hanging over market as farmers now ahead of typical pace despite slow start. Declines limited as traders stepped into market to cover short positions when benchmark July contract hit one-week low during overnight trading.

CBOT July corn last down 1-1/2 cents at $3.66-1/4 a bushel.

SOYBEANS - Up 1 to 3 cents per bushel

Technical buying and a fresh export deal to support prices early but gains seen limited by better-than-expected planting pace in United States and ample global supplies. The benchmark CBOT July soybean futures contract broke through resistance at its 40-day moving average during overnight trading.

The US Agriculture Department on Tuesday morning said that private exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations during the 2016/17 marketing year.

Malaysian palm oil futures edged higher on Tuesday as the market rebounded from earlier profit taking.

CBOT July soybeans were last up 2 cents at $9.67-1/4 a bushel.