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. CDT (1330 GMT) on Wednesday.
NOTE: Trade awaits the US Department of Agriculture's monthly supply/demand reports on Friday.
WHEAT - Up 3 to 5 cents per bushel
Higher on technical buying and short-covering ahead of the USDA's supply/demand reports on Friday. MGEX spring wheat pared gains after the July contract matched Tuesday's top of $6.04, the highest spot price in nearly two years. Hot and dry weather in the northern US Plains spring wheat belt continues to underpin the market.
Analysts expect the USDA on Friday to trim its estimate of US 2017/18 winter wheat production.
CBOT July soft red winter wheat was last up 5-1/2 cents at $4.41-1/4 cents per bushel, K.C. July hard red winter wheat last up 6-1/2 cents at $4.44-1/2 and MGEX July spring wheat last up 1/4 cent at $5.99.
CORN - Up 2 to 4 cents per bushel
Higher on technical buying and short-covering ahead of the USDA's reports on Friday, and fears of hot and dry conditions spreading in northwestern portions of the Midwest. Funds hold a large net short position in corn, leaving the market open to short-covering rallies.
CBOT July corn reached $3.81-1/2 ahead of the break in trade, its highest in three months.
Analysts expect the USDA on Friday to trim slightly its forecasts of US corn ending stocks for 2016/17 and 2017/18.
CBOT July corn was last up 4-1/4 cents at $3.81-1/2 a bushel.
SOYBEANS - Up 6 to 8 cents per bushel
Higher on spillover strength from corn and soybeans and worries that stressful hot and dry weather might expand from the northern Plains into the northern Midwest. Funds hold a large net short position in soybeans, leaving the market vulnerable to short-covering rallies. But ample South American soy supplies limit rallies.
Analysts expect the USDA on Friday to raise slightly its estimates of 2016/17 soybean production in Brazil and Argentina.
Malaysian palm oil futures fell on forecasts for rising output and falling export demand.
CBOT July soybeans were last up 7-1/2 cents at $9.31 per bushel.
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