Soy, wheat down 4-6 cents; corn down 3-5 cents

CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 0830 CST (1430 GMT) on Thursday.

WHEAT - Down 4 to 6 cents

Wheat lower overnight, with the market focused on rising competition in the export market.

Benchmark CBOT December soft red winter wheat dropped below its 40-day moving average overnight.

Russia increased its grain export quota to 15 million tonnes for Feb 15 to June 30 next year, up from 7 million during the COVID-19 pandemic.

CBOT December soft red winter wheat last traded down 5-1/2 cents at $5.92-1/2 per bushel. K.C. December hard red winter wheat was last down 7-1/2 cents at $5.46-3/4. MGEX December spring wheat was last 4 cents lower at $5.51.

CORN - Down 3 to 5 cents

Corn lower overnight on technical selling after futures reached their highest since July 2019 on Wednesday.

The step back in corn comes after two days of gains on news that the US Department of Agriculture trimmed US harvest yields and raised export demand in its monthly world supply and demand report Tuesday.

CBOT December corn was last 3-1/4 cents lower at $4.14 per bushel.

SOYBEANS - Down 4 to 6 cents

Soybeans drop as profit-taking and fresh farmer selling slows the rally caused by a decreased global stocks outlook and strong export demand reported by the USDA Tuesday.

CBOT January soybeans dropped below the high end of their 20-day Bollinger range overnight.

CBOT January soybeans last traded down 4-1/4 cents at $11.48-1/4 per bushel.