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. CST (1430 GMT) on Tuesday.
WHEAT - Steady to down 1 cent per bushel Steady to lower in rangebound trade.
Pressure from ample old-crop wheat supplies and a lack of bullish news offsets support from a technical bounce in soybeans and corn. CBOT March wheat stayed inside of Monday's trading range overnight.
Softer dollar lends underlying support, in theory making US grains more competitive on the global market.
The dollar was on course for its worst start to a year in more than a decade after a trade adviser to President Donald Trump added to signs the new administration may be trying to talk its currency down. Monthly condition ratings for winter wheat for January were mixed in the US Plains, with ratings improving in Oklahoma, Montana and South Dakota but declining in Colorado.
Kansas wheat ratings were unchanged from a month ago.
CBOT March soft red winter wheat last down 1/4 cent at $4.13-3/4 per bushel; K.C. March hard red winter wheat down 1-3/4 cents at $4.24; MGEX March spring wheat down 1/2 cent at $5.50-3/4.
CORN - Steady to up 1 cent per bushel Steady to firmer on bargain-buying a day after CBOT March corn fell to a two-week low.
Rebound limited by improving crop weather in South America, and uncertainty about US trade relationships amid political tension with Mexico, a top corn buyer.
Chart support noted in March corn at its 50-day moving average at $3.57.
CBOT March corn last up 3/4 cent at $3.58-1/2 a bushel.
SOYBEANS - Up 1 to 3 cents per bushel Higher on bargain buying a day after the March contract fell percent to a 2-1/2 week low. Rally capped by improving weather in South America that is bolstering prospects for big soybean harvests there.
Malaysian April palm oil futures fell 1.3 percent as they tracked a subdued soybean market after the Lunar New Year holidays.
CBOT March soybeans last up 2-1/4 cents at $10.25 per bushel.
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