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 - Up 2 to 4 cents per bushel
Firmer on bargain buying after a six-session slide in the CBOT December contract and after contract lows set earlier this week. Ample global supplies anchor the market.
The US Department of Agriculture reported export sales of US wheat in the latest week at 347,800 tonnes, in line with trade expectations for 250,000 to 450,000 tonnes.
European Union soft wheat exports for the 2017/18 season so far are down 25 percent from a year ago, reflecting heavy flows from Russia and a strengthening in the euro.
CBOT December soft red winter wheat last traded up 2-3/4 cents at $4.20-3/4 per bushel, K.C. December hard red winter wheat was up 3-3/4 cents at $4.19-1/2, and MGEX December spring wheat was up 4 cents at $6.18.
CORN - Up 1/2 to 1 cent per bushel
Firmer on technical buying and short-covering. News of fresh US export sales to Mexico may lend support. Rallies capped by ample supplies and brokerage INTL FCStone raising its US 2017 corn yield estimate.
Through its daily reporting system, the USDA said private exporters sold 1,356,360 tonnes of US corn to Mexico, including 845,820 tonnes for delivery in the 2017/18 marketing year that began Sept. 1 and 510,540 for 2018/19.
The USDA reported export sales of US corn in the latest week at 901,500 tonnes (old and new crop combined), in line with trade expectations for 800,000 to 1,200,000 tonnes.
Commodity brokerage INTL FCStone on Wednesday raised its estimate of the average US 2017 corn yield to 173.7 bushels per acre, from 169.2 in its previous monthly report.
CBOT December corn last traded up 3/4 cent at $3.49 per bushel.
SOYBEANS - Up 3 to 4 cents per bushel
Heading higher on technical buying, ideas of improving demand and better-than-expected export sales. The CBOT January soybean contract reached $9.98 in early moves, its highest since Oct. 20.
The USDA reported export sales of US soybeans in the latest week at 1,982,200 tonnes (old and new crop combined), above a range of trade expectations for 1,450,000 to 1,900,000 tonnes.
The USDA reported weekly soymeal export sales at 224,500 tonnes (old and new crop years combined), and weekly soyoil sales at 27,000 tonnes.
Commodity brokerage INTL FCStone on Wednesday left its forecast of the US 2017 soybean yield at 49.9 bushels per acre, unchanged from last month, and pegged soybean production at 4.467 billion bushels, up from 4.424 billion a month ago.
The CME Group reported 50 deliveries against CBOT November soybean futures.
CBOT November soybeans last traded up 3-1/4 cents at $9.84-1/4 per bushel; January was last up 3-3/4 cents at $9.95.
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