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 (1330 GMT) on Wednesday.
WHEAT - Down 1 to 4 cents per bushel
The outlook for rain in key US growing areas continue to hang over the market but prices found support near Tuesday's lows. Short-covering is limiting declines. The most-active contract has already fallen 8.6 percent below its March high.
The US Agriculture Department said that private exporters reported the sale of 120,000 tonnes of hard red winter wheat to Saudi Arabia for delivery during the 2016/16 marketing year.
CBOT May soft red winter wheat was last down 3-1/4 cents at $4.23-1/4 per bushel; K.C. May hard red winter wheat fell 3-3/4 cents at $4.34-1/2; MGEX May spring wheat declined 1 cent at $5.37-1/4.
CORN - Steady to down 2 cents per bushel. The market remains under pressure from an ample supply base and expectations for a big crop in South America, but declines are limited by bargain buying. The most-active corn contract found support during overnight trading above Tuesday's low.
CBOT May corn was last down 3/4 cent at $3.60-1/2 a bushel.
SOYBEANS - Steady to down 2 cents per bushel A bearish tone remains intact as expectations of a bumper South American crop and huge US plantings cap any rally attempts. But declines are kept in check as traders say the market is near bottom after falling for 10 of last 12 sessions. The benchmark CBOT May contract briefly broke through the 10-day moving average during the overnight session but failed to hold support above that key technical point. The contract also failed to stay above that level on both Monday and Tuesday.
The US Agriculture Department said that private exporters reported the sale of 120,000 tonnes of soybeans to China for delivery during the 2017/18 marketing year.
Malaysian palm oil futures hit a near two-week high on Wednesday, marking a second straight day of gains amid an uncertain production outlook and forecasts for a soyoil rally.
CBOT May soybeans were last down 2-1/2 cents at $9.99 a bushel.
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