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: Friday is the last trading day for CBOT July options.
WHEAT - Down 5 to 6 cents per bushel
Lower on profit-taking one day after the CBOT July contract touched a 3-1/2 month high. Market underpinned by worries about yield prospects for spring wheat in the northern US Plains and Canada, and a heat wave stressing crops in Europe.
MGEX spring wheat futures turned lower after setting across-the-board contract highs. The July contract reached $6.60 a bushel, the highest spot price on a continuous chart since December 2014, before retreating.
CBOT July soft red winter wheat was last down 6-1/4 cents at $4.66-1/4 per bushel; K.C. July hard red winter wheat was last down 6 cents at $4.68-1/4 a bushel and MGEX July spring wheat was last down 8-1/4 cents at $6.48 a bushel.
CORN - Up 1 to 2 cents per bushel
Higher on a light technical bounce a day after the CBOT July contract fell to its lowest since June 1. Rally capped by near-term forecasts for cooler Midwest temperatures and periodic rains. Barring a weather threat, traders may be wary of taking on aggressive new positions ahead of the US Department of Agriculture's June 30 acreage and quarterly stocks reports.
CBOT July corn was last up 1-1/2 cents at $3.71-1/2 per bushel.
SOYBEANS - Steady to up 1 cent per bushel
Fractionally higher after Tuesday's 1 percent decline in the CBOT July soybean contract. Weather in the US Midwest seen as non-threatening for soybeans, given cooler temperatures this week and scattered showers.
New-crop November soybean contract finding support at its 20-day moving average near $9.36.
CBOT July soybeans were last up 1 cent at $9.28-3/4 per bushel.
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