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 - Up 1 to 2 cents per bushel
Higher for a second session on technical buying and short-covering after Friday's strong close.
Algeria's state grains agency OAIC issued an international tender to buy milling wheat to be sourced from optional origins, European traders said.
The lowest price offer submitted in a tender from Iraq's state grains board to buy at least 50,000 tonnes of hard wheat was $299 a tonne c&f for wheat to be sourced from the United States, European traders said.
CBOT December soft red winter wheat last traded up 1-3/4 cents at $4.41-1/4 per bushel, K.C. December hard red winter wheat was last up 1-3/4 cents at $4.38 while MGEX December spring wheat was up 3/4 cent at $6.15-3/4.
CORN - Steady to down 1 cent per bushel
Steady to lower on pressure from the US harvest and forecasts for ample domestic inventories. Forecasts call for drier weather in the Midwest following weekend rains in portions of the crop belt.
China's top corn-producing province is cutting the subsidy for farmers churning out the grain by 13 percent this year, official media said on Saturday, as Beijing pushes to whittle down stocks of the commodity and encourage growers to plant other crops like soy.
CBOT December corn last traded down 3/4 cent at $3.52 per bushel.
SOYBEANS - Down 3 to 5 cents per bushel
Lower on profit-taking and hedge-related selling after the November contract on Friday reached $10.03-1/4 a bushel, its highest since late July. Forecasts call for drier weather in the US Midwest this week that should promote harvest progress, along with beneficial rains late this month in northern crop areas of Brazil.
The US Department of Agriculture said private exporters sold 227,300 tonnes of US soybeans to unknown destinations for delivery in the 2017/18 marketing year that began Sept. 1.
CBOT November soybeans last traded down 3-1/2 cents at $9.96-3/4 a bushel.
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