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 small grains summary and quarterly stocks reports, both due on Friday.
WHEAT - Steady to down 1 cent per bushel
Flat to weaker on profit-taking a day after the CBOT December contract hit a one-month high. Traders also squaring positions ahead of the USDA's small grains and quarterly stocks reports. Analysts expect the government on Friday to lower its estimate of US 2017 spring wheat and all-wheat production.
Firmer dollar adds pressure, in theory making US grains less attractive to those holding other currencies.
CBOT December soft red winter wheat last traded down 3/4 cent at $4.53 per bushel, K.C. December hard red winter wheat was last down 1-1/2 cents at $4.50-3/4 while MGEX December spring wheat was up 1-3/4 cents at $6.47-3/4.
CORN - Down 1 to 2 cents per bushel
Drifting lower as the corn harvest expands in the US Midwest amid mostly dry conditions this week. Position-squaring noted ahead of the USDA's quarterly stocks report on Friday. The average analyst estimate of US Sept. 1 corn stocks was 2.353 billion bushels, the highest in 29 years, if realized.
CBOT December corn last traded down 1-1/2 cents at $3.50-3/4 per bushel.
SOYBEANS - Down 2 to 3 cents per bushel
Lower on technical selling and pressure from the expanding US soybean harvest. The CBOT November contract dipped to $9.60 a bushel overnight, its lowest in a week, and fell below its 50-day moving average. Fresh export demand may lend underlying support.
The USDA said private exporters sold 132,000 tonnes of US soybeans to China for delivery in the 2017/18 marketing year that began Sept. 1.
CBOT November soybeans last traded down 2-3/4 cents at $9.60-3/4 a bushel.
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