CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Monday.
WHEAT - Up 3 to 4 cents per bushel
Following soybeans and corn higher, with additional support from technical buying including short-covering. Rallies capped by ample world wheat supplies and a firmer dollar, which tends to make US grains less competitive on the global market.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) cut its estimate of Australia's 2017/18 wheat crop to 20.3 million tonnes, down more than 6 percent from its September forecast of 21.64 million. Recent storms damaged the crop, following a severe drought.
Saudi Arabia's state grain agency SAGO said it purchased 495,000 tonnes of hard wheat in an international tender.
The CME Group reported 437 deliveries against CBOT December soft red winter wheat futures and 27 K.C. hard red winter wheat deliveries. The MGEX reported 225 December spring wheat deliveries.
CBOT March soft red winter wheat last traded up 4 cents at $4.42-1/2 per bushel, K.C. March hard red winter wheat was last up 3 cents at $4.40-1/2 and MGEX March spring wheat was up 1-3/4 cents at $6.33-1/4.
CORN - Up 1 to 2 cents per bushel
Heading higher for a fourth straight session, buoyed by strength in soybeans and worries about dry weather in crop areas of Argentina. CBOT March corn reached $3.60-1/2 a bushel in early moves, its highest since Nov. 9. Resistance noted at the contract's 50-day moving average.
The CME Group reported 1,270 deliveries against December corn futures.
CBOT March corn was last up 1-1/4 cents at $3.60 per bushel.
SOYBEANS - Up 9 to 11 cents per bushel
Higher on fears of dry weather expanding in Argentine crop areas, with forecasts calling for only limited relief the next 10 days. CBOT January soybeans reached $10.08-1/2 per bushel overnight, its highest since mid-October.
The CME Group reported 294 deliveries against CBOT December soymeal futures and 155 soyoil deliveries.
CBOT January soybeans was last up 10-1/2 cents at $10.04-3/4 per bushel.
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