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 Thursday.
WHEAT - Down 20 to 23 cents per bushel
Lower on profit-taking and technical selling a day after the most actively trade CBOT wheat contract hit it highest level in two years. Market underpinned by deteriorating US spring wheat condition ratings.
The US Department of Agriculture late Wednesday rated 37 percent of the US spring wheat crop in good to excellent condition, down from 40 percent the previous week and below an average of trade expectations for 38 percent.
The USDA also said the US winter wheat harvest was 53 percent complete, up from 41 percent a week earlier and near the five-year average of 54 percent.
The CBOT reported 201 July wheat deliveries and 408 deliveries of K.C. hard red winter wheat. The MGEX reported eight July spring wheat deliveries.
CBOT September soft red winter wheat last down 23 cents at $5.37 per bushel; K.C. September hard red winter wheat down 23-1/2 cents at $5.46; MGEX September spring wheat last down 27-3/4 cents at $7.92.
CORN - Down 6 to 7 cents per bushel
Heading lower for the first time in five sessions on better-than-expected weekly US crop condition ratings. Market underpinned by uncertainty about weather in the Midwest, including some dry areas as the corn crop enters its key pollination phase.
The USDA late Wednesday rated 68 percent of the US corn crop in good to excellent condition, up from 67 percent a week earlier and surprising analysts who on average expected a slight decline.
The US Environmental Protection Agency on Wednesday proposed keeping the 2018 renewable fuels target for conventional ethanol, mostly made from corn, at 15 billion gallons, unchanged from 2017.
The CBOT reported 1,370 deliveries against CBOT July corn futures. The Term house account stopped 364 lots.
CBOT September corn last down 7 cents at $3.85 per bushel.
SOYBEANS - Down 4 to 6 cents per bushel
Lower on profit-taking after a seven-session climb in the CBOT August contract, and on spillover weakness from wheat and corn. Market underpinned by declining US crop ratings and worries about dry areas in the Midwest crop belt.
The USDA late Wednesday rated 64 percent of the US soybean crop in good to excellent condition, down from 66 percent a week earlier. Analysts on average had expected a decline of only one percentage point.
The US EPA on Wednesday outlined its renewable fuels targets for 2018 and proposed setting the requirement for advanced biofuels at 4.24 billion gallons, down from 4.28 billion in 2017.
The CBOT reported 962 deliveries against CBOT July soybean futures, along with 261 soymeal deliveries, all issued by the ADM house account. There were no July soyoil deliveries.
Malaysian September palm oil futures rose 0.91 percent, following strength in related edible oils on China's Dalian Commodity Exchange.
CBOT August soybeans last down 5 cents at $9.76-3/4 per bushel.
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