CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.
NOTE: Friday is first notice day for deliveries against CBOT October soymeal and soyoil futures. Also on Friday, the US Department of Agriculture is set to release its quarterly US grain stocks and annual small grains reports.
WHEAT - Up 1 to 2 cents per bushel Higher in a short-covering bounce, one day after the CBOT December contract fell 2 percent on fund-driven selling and ample global supplies.
Morocco's grain agency ONICL launched a tender to buy 303,637 tonnes of US soft wheat under a preferential tariff agreement.
Australian wheat output will likely fall short of official estimates of near-record volumes as heavy rains exacerbate recent damage to crops in the country's east coast, farmers and analysts said.
The USDA late Monday said the US winter wheat crop was 30 percent planted as of Sunday, matching the five-year average but slightly behind an average of analyst expectations for 32 percent.
CBOT December soft red winter wheat last up 1-3/4 cents at $3.97-3/4 per bushel; K.C. December hard red winter wheat up 1-1/4 cents at $4.15-1/4; MGEX December spring wheat up 1-1/2 cents at $4.96.
CORN - Steady to up 1 cent per bushel Choppy, with short-covering noted a day after the December contract fell 2 percent. But upward momentum capped by the expanding harvest of a large US corn crop.
CBOT December corn faces chart resistance at its 50-day moving average near $3.35.
The USDA late Monday said the US corn harvest was 15 percent complete as of Sunday, behind the five-year average of 19 percent and behind an average of analyst estimates for 17 percent.
The USDA left its corn condition ratings unchanged, with 74 percent of the crop seen as good to excellent.
China's National Grain Trade Center reported no sales at an auction of corn at state reserves, where 1.2 million tonnes of corn were available.
CBOT December corn last up 1/4 cent at $3.29-1/4 per bushel. SOYBEANS - Up 2 to 3 cents per bushel Light technical bounce a day after the benchmark November contract hit a 1-1/2 week low at $9.43-3/4.
Trade also eyeing chart support at the November contract's Sept. 1 low of $9.37. Fresh export demand lends support. But rallies limited by anecdotal reports of high yields as the US harvest expands.
Most-active December soymeal fell below psychological support at $300 per ton on Monday and stayed below that level overnight.
The USDA said private exporters sold 120,000 tonnes of US soybeans to China for 2016/17 delivery.
The USDA late Monday said the US soybean harvest was 10 percent complete by Sunday, behind the five-year average of 13 percent and just behind an average of analyst estimates for 11 percent.
The USDA left its soybean condition ratings unchanged, with 73 percent of the crop seen as good to excellent.
Malaysian palm oil futures fell to a one-week low, tracking weaker-performing rival oils and with low exports weighing on sentiment.
CBOT November soybeans last up 2-1/2 cents at $9.47-3/4 per bushel.
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