Wheat down 6-8 cents, corn steady-down 1 cent, soy down 4-5 cents
- Wheat futures falling after key exporter Australia on Tuesday raised its forecast for wheat production during the 2020/21 season by 8.4%.
- Corn steadying as traders square positions ahead of key US Agriculture Department monthly report on Friday.
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 - Down 6 to 8 cents per bushel
Wheat futures falling after key exporter Australia on Tuesday raised its forecast for wheat production during the 2020/21 season by 8.4%.
Support for benchmark CBOT December soft red winter wheat contract noted at 200-day moving average overnight.
The CBOT reported nine deliveries against Chicago September soft red winter wheat futures and no K.C. September hard red winter wheat deliveries, while the MGEX reported five deliveries against September spring wheat futures.
CBOT December soft red winter wheat last traded down 7 cents at $5.43-1/4 per bushel. K.C. December hard red winter wheat was last down 4-1/4 cents at $4.68-1/4 a bushel. MGEX December spring wheat was last down 2-3/4 cents at $5.39-3/4 a bushel.
CORN - Steady to down 1 cent per bushel
Corn steadying as traders square positions ahead of key US Agriculture Department monthly report on Friday.
CBOT December corn futures turned lower overnight after failing to hold support above its 200-day moving average. Support noted at 10-day moving average.
Private exporters reported the sale of 101,600 tonnes of corn to unknown destinations, the USDA said on Tuesday morning.
The CBOT reported 200 deliveries against September corn futures.
CBOT December corn last traded down 1/4 cent at $3.57-3/4 per bushel.
SOYBEANS - Down 4 cents to 5 cents per bushel
Profit-taking setback expected after most-active soybean futures contract hit highest since June 2018 overnight. Strong export demand continues to underpin soybean market, which has risen for 10 sessions in a row.
Private exporters reported the sale of 664,000 tonnes of soybeans to China.
The CBOT reported 14 deliveries against CBOT September soybean futures, along with 32 September soymeal deliveries and no September soyoil deliveries.
CBOT November soybeans last traded down 4-1/2 cents at $9.63-1/2 per bushel.
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