CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT - Down 2 to 3 cents per bushel
Lower but rangebound; rallies capped by plentiful global supplies, including a bumper Russian harvest. Market underpinned by a weak dollar, which in theory makes US grains more competitive globally. Also, commodity funds hold a large net short position in CBOT wheat futures, leaving the market vulnerable to short-covering rallies.
Egypt's agriculture ministry said it was awaiting a cabinet ruling after a court reinstated a ban on wheat imports containing the common ergot fungus, renewing uncertainty over a policy that has disrupted trade.
CBOT December soft red winter wheat last traded down 2 cents at $4.26 per bushel, K.C. December hard red winter wheat was down 2 cents at $4.26, while MGEX December spring wheat was up 2-1/4 cents at $6.31-1/4.
CORN - Steady to up 1 cent per bushel
Market stabilizing after CBOT December corn hit a contract low at $3.37 in early moves. Ample supplies hang over the market as the harvest of a bumper US crop winds down. But the large net short position held by commodity funds leaves the market open to bouts of short-covering.
China's pig herd shrank in October by the most in close to two years, said the agriculture ministry, amid a crackdown on farm pollution that has forced hundreds of thousands of farms to close in the past year.
CBOT December corn last traded up 1/2 cent at $3.38 per bushel.
SOYBEANS - Up 3 to 4 cents per bushel
Technical bounce a day after the CBOT January contract fell to a six-week low of $9.67 a bushel. Rallies capped by forecasts for welcome rains this week in crop areas of Brazil.
Ahead of the National Oilseed Processors Association's monthly soy crush report due at 11 a.m. CST (1700 GMT), analysts surveyed by Reuters on average expected the trade group to report the October soy crush at 164.475 million bushels.
China will import 100 million tonnes of soybeans in 2017/18, a senior executive at COFCO Corp forecast, topping official US and Chinese estimates for intake by the world's top importer of the oilseed.
China's crackdown on genetically modified soybean imports and its intensifying war on smog this winter will boost soymeal prices and inflate crushers' margins, extending an unexpected windfall for the oilseeds sector, executives said.
CBOT January soybeans last traded up 3-3/4 cents at $9.71-1/2 per bushel.
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