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 - Up 7 to 9 cents per bushel
Higher on bargain buying after a four-session slide, and worries about deteriorating crop conditions in the northern US Plains spring wheat belt. Spillover strength from corn and soy add support, along with a weaker dollar, which in theory makes US grains more competitive on the global market.
Trade awaits the results of an international wheat purchase tender from Egypt's main state wheat buyer. The lowest offer was for Russian supplies. No US wheat was offered.
The US Department of Agriculture late Monday rated 34 percent of the US spring wheat crop in good to excellent condition, down from 35 percent a week earlier and in line with trade expectations.
The USDA also said the US winter wheat harvest was 75 percent complete, ahead of the five-year average of 73 percent.
CBOT September soft red winter wheat was last up 9-1/2 cents at $5.15-1/2 per bushel; K.C. September hard red winter wheat up 9-3/4 cents at $5.16-1/4; MGEX September spring wheat last up 21-3/4 cents at $7.89.
CORN - Up 11 to 12 cents per bushel
Higher on declining US crop condition ratings and worries about fluctuating weather forecasts as the Midwest corn crop continues to pollinate. Weaker dollar lends support, making US grains more attractive to those holding other currencies.
The USDA late Monday rated 64 percent of the US corn crop in good to excellent condition, down from 65 percent a week earlier and in line with trade expectations.
In Iowa, the top US corn state, 71 percent of the crop was rated good to excellent, down 6 percentage points from the previous week.
CBOT September corn was last up 12 cents at $3.87 per bushel, with new-crop December up 12-1/2 cents at $4.00-1/2.
SOYBEANS - Up 12 to 14 cents per bushel
Heading higher on deteriorating US crop ratings and uncertainty about US crop weather, with dry conditions noted in portions of the western Midwest and the Dakotas.
The USDA late Monday rated 61 percent of the US soybean crop in good to excellent condition, down from 62 percent a week earlier and in line with trade expectations.
Malaysian September palm oil futures fell 1.06 percent.
CBOT August soybeans were last up 14 cents at $9.99 per bushel; new-crop November up 14-1/4 cents at $10.11-3/4.
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