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 Thursday.
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 2 to 3 cents per bushel Higher on short-covering and technical buying a day ahead of the USDA's quarterly stocks reports, and the end of the month and quarter.
Plentiful global wheat supplies continue to hang over the market.
The USDA reported export sales of US wheat in the latest week at 570,800 tonnes, in line with trade expectations for 400,000 to 600,000 tonnes. Sales of hard red winter wheat represented more than half of the weekly total.
The International Grains Council raised its forecast for the 2016/17 world wheat crop by 4 million tonnes, to 747 million.
Australia's east coast will likely see wetter conditions than usual for the rest of 2016, stoking fears of wheat production losses in the world's No. 4 exporter.
CBOT December soft red winter wheat last up 2-1/4 cents at $4.05-1/2 per bushel; K.C. December hard red winter wheat up 2-1/4 cents at $4.23-1/2; MGEX December spring wheat up 3-1/4 cents at $5.11-3/4.
CORN - Up 2 to 3 cents per bushel Higher in rangebound trade, supported by short-covering ahead of the USDA's quarterly stocks report.
Rally limited by disappointing weekly export sales and the expanding US corn harvest.
Chart resistance noted for CBOT December corn at its 50-day moving average near $3.34 a bushel.
The USDA reported export sales of US corn in the latest week at 575,000 tonnes, below a range of trade expectations for 750,000 to 950,000 tonnes.
The International Grains Council cut its forecast for the 2016/17 world corn crop by 3 million tonnes, to 1.027 billion, largely reflecting a downward revision for China.
China's National Grain Trade Center reported sales of 21,813 tonnes of 2013 corn at a state reserves auction, representing a small fraction of the 3.6 million tonnes available.
CBOT December corn last up 2-3/4 cents at $3.32 per bushel.
SOYBEANS - Up 6 to 8 cents per bushel Higher on technical and commercial buying, strength in soymeal and robust export demand.
Traders adjusting positions ahead of the end of the month and quarter, and the USDA's quarterly stocks report on Friday. Rally capped by US harvest pressure and anecdotal reports of large soy yields.
The USDA reported export sales of US soybeans in the latest week at 1,692,900 tonnes, topping a range of trade expectations for 1.1 million to 1.3 million.
Through its daily reporting system, the USDA said private exporters sold 120,000 tonnes of US soybeans to China for 2016/17 delivery.
Malaysian palm oil futures closed marginally higher, tracking gains in rival oilseed soy.
CBOT November soybeans last up 8-1/2 cents at $9.54 per bushel.
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