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 Tuesday.
WHEAT - Steady to up 3 cents per bushel
A round of short-covering, following nine declines in 10 previous trading days, is providing support to the wheat market. But ample global supplies keep the market on defensive, traders said. CBOT September soft red winter wheat hit resistance at the 50-day moving average overnight.
Traders are closely monitoring reports from the Wheat Quality Council's tour of North Dakota. Crop scouts are surveying fields in the drought-hit western part of state on Wednesday.
CBOT September soft red winter wheat last traded up 2-1/4 cents at $4.76-1/4 per bushel; K.C. September hard red winter wheat was 2-1/2 cents higher at $4.75-1/4; MGEX September spring wheat was up 3-3/4 cents at $7.21-1/4.
CORN - Steady to down 2 cents per bushel
A bearish weather forecast, which includes crop-boosting rain and moderate temperatures for much of the US Midwest, is keeping the corn market under pressure. Bargain buying is expected to limit losses after most-active corn contract hit July low overnight.
CBOT December corn was last down 1-3/4 cents at $3.80-1/2 per bushel.
SOYBEANS - Down 4 to 6 cents per bushel
The weather outlook weighs on the soybean market. Soybeans tried to rally overnight on bargain buying, but benchmark CBOT November soybean hit resistance at the 20-day moving average and turned negative.
CBOT November soybeans were down 5-1/2 cents at $9.87-1/4 a bushel in overnight trading.
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