Wheat steady-down 2 cents, corn and soybeans down 3-6 cents
- Wheat futures slip after prior-session gains, tracking weakness in corn and soybeans and as the US dollar firmed.
- Corn down on forecasts for improved rains in parts of the US Midwest and generally favorable crop ratings.
CHICAGO: Following are US trade expectations for the opening of 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 down 2 cents per bushel
Wheat futures slip after prior-session gains, tracking weakness in corn and soybeans and as the US dollar firmed.
The US Department of Agriculture (USDA) late on Monday said 56% of the US winter wheat crop was harvested as of Sunday, in line with trade estimates.
Wheat traders await results of the latest purchasing tender by Egypt's GASC, due later on Tuesday. Russian wheat was the lowest offered in the tender, which also attracted French, Ukrainian and Romanian offers.
CBOT September soft red winter wheat last traded down 1 cent at $4.92-1/4 a bushel. K.C. September hard red winter wheat was 1/4 cent lower at $4.38-1/4 and MGEX September spring wheat was unchanged at $5.12-3/4 per bushel.
CORN - Down 3 cents to 6 cents per bushel
Corn down on forecasts for improved rains in parts of the US Midwest and generally favorable crop ratings.
Most-active CBOT December corn futures broke through chart support in overnight trading at its 100-day moving average, a key technical level.
The USDA on Monday rated 71% of the US corn crop in good-to-excellent condition in a weekly report, down two points from a week earlier but still strong historically. Analysts had projected a one-point drop.
CBOT December corn last traded 5-1/4 cents lower at $3.51 per bushel.
SOYBEANS - Down 3 cents to 6 cents per bushel
Soybeans retreat on profit-taking after rising to a four-month peak on Monday. A slightly rainier near term US Midwest forecast and better-than-expected weekly crop ratings from the USDA added pressure.
The USDA also rated 71% of the US soybean crop in good-to-excellent condition, unchanged from the previous week and above the average analyst forecast for a one-point decline.
CBOT November soybeans last traded down 5 cents at $9.01-1/4 per bushel.
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