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.
NOTE: The US Department of Agriculture is scheduled to release its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Thursday at 11 a.m. CST (1700 GMT).
WHEAT - Up 4 to 5 cents per bushel
Heading higher for a second straight session on technical buying and worries about dry conditions hurting yield prospects in the southern US Plains winter wheat belt. Rallies capped by ample world wheat stocks and sluggish export demand for US supplies.
CBOT March soft red winter wheat last traded up 5 cents at $4.51-1/4 per bushel. K.C. March hard red winter wheat was up 4-1/4 cents at $4.73-1/4, and MGEX March spring wheat was 2-1/4 cents higher at $6.10-1/2.
CORN - Steady to up 1 cent per bushel
Higher on stepped-up export demand for US corn and technical buying, with the benchmark CBOT March contract reaching $3.65 in early moves, its highest since Nov. 2. Worries about crop prospects in Argentina lend support. But US farmer selling may cap rallies.
Ahead of the USDA's monthly reports on Thursday, analysts surveyed by Reuters on average expect the government to trim its forecast of US 2017/18 corn ending stocks.
Analysts on average also expect the USDA to lower its forecasts of 2017/18 corn production in Brazil and Argentina.
CBOT March corn last traded up 1 cent at $3.64-1/2 per bushel.
SOYBEANS - Mixed, up 1 cent per bushel to down 1 cent
Turned choppy ahead of the daily break in trade as traders weigh worries about dry conditions in Argentina against forecasts for rains there in the coming days. Traders are also squaring positions ahead of the USDA's supply/demand report on Thursday.
Analysts surveyed by Reuters on average expect the USDA on Thursday to raise its forecast of US 2017/18 soybean ending stocks.
Analysts on average also expect the USDA to raise its forecast of Brazil's 2017/18 soybean crop and lower its estimate of Argentina's soy crop.
CBOT March soybeans last traded up 1/4 cent at $9.86-1/2 per bushel.
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