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 Monday.
WHEAT - Down 4 to 5 cents per bushel
CBOT December wheat headed lower for a third straight session on technical selling and Friday's larger-than-expected USDA estimates of US spring wheat and all-wheat production.
Beneficial rains expected later this week in parts of the US Midwest soft red winter wheat belt, the Commodity Weather Group said.
Russian wheat export prices rose last week as some farmers held back on large sales in a bid to secure higher prices due to a strong rouble and rising import demand, analysts said.
Iraq's state grain buyer is seeking 50,000 tonnes of wheat in a tender, Baghdad-based traders said.
CBOT December soft red winter wheat last traded down 5-1/4 cents at $4.43 per bushel, K.C. December hard red winter wheat was last down 5-1/2 cents at $4.37-1/4 while MGEX December spring wheat was down 15 cents at $6.08-3/4.
CORN - Steady to down 1 cent per bushel
Steady to softer in a light setback from Friday's firm close and some hedge-related selling after a busy harvest weekend in the Midwest. Still, CBOT December corn stayed inside of Friday's trading range overnight. Fresh export sales to Mexico may lend support.
The USDA said private exporters sold 597,464 tonnes of US corn to Mexico for delivery in the 2017/18 marketing year that began Sept. 1.
Barge freight rates surged to a three-year high on Friday as a key stretch of the Mississippi River fell to near-record lows and as low water and emergency repair work on a 90-year-old lock and dam on the Ohio River delayed dozens of barge tows, traders and shippers said.
CBOT December corn last traded down 1/2 cent at $3.54-3/4 per bushel.
SOYBEANS - Down 2 to 4 cents per bushel
Lower on harvest pressure and profit-taking after Friday's nearly 1 percent climb in the CBOT November contract.
The USDA said private exporters sold 132,000 tonnes of US soybeans to China for delivery in the 2017/18 marketing year that began Sept. 1.
Ahead of the USDA's monthly soy crush report on Monday, analysts on average expected the government to report the US August soybean crush at 152.3 million bushels.
CME Group reported 71 soymeal deliveries and 161 soyoil deliveries against CBOT October futures.
CBOT November soybeans last traded down 3-1/2 cents at $9.64-3/4 a bushel.
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