Soybeans up 2-4 cents, corn up 0-2 cents, wheat down 6-9 cents

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. CST (1430 GMT) on Monday:

WHEAT - Down 6 to 9 cents per bushel

Wheat futures trimmed lower as profit taking tempered recent two-month highs, though the global supply picture added support.

Russia has downgraded its 2020/21 wheat exports estimate to 36.3 million tonnes from 40.8 million tonnes due to an upcoming wheat export tax.

Egypt expects prices to stabilize in the coming months after recent highs driven by uncertainty during the coronavirus pandemic and recent protective measures such as the Russian export quota.

Ukrainian wheat export prices have risen by $3 per tonne over the past week thanks to a strong demand from exporters concerned about the uncertainty with wheat exports from Russia.

Taiwan has issued an international tender to purchase 82,325 tonnes of grade 1 milling wheat to be sourced from the United States.

CBOT March soft red winter wheat last traded 7-3/4 cents lower at $6.19-1/4 per bushel. K.C. March hard red winter wheat last dropped 7-1/4 cents to $5.81-3/4 per bushel. MGEX March spring wheat was last 5-1/2 cents lower at $5.77-1/4 per bushel.

CORN - Even to up 2 cents per bushel

Corn inched higher for the eleventh day of positive trading, reaching new 18-month highs.

Overnight, CBOT benchmark March corn futures reached $4.55-1/2, the highest for a most-active contract since July 15, 2019.

The most-active CBOT March corn futures contract sat at the high end of its 20-day Bollinger range during overnight trading.

Exporters sold 149,572 tonnes of corn on Monday for delivery to unknown destinations during the 2020/2021 marketing year, according to the US Department of Agriculture.

CBOT March corn was last up 1-3/4 cents at $4.52-3/4 per bushel.

SOYBEANS - Up 2 to 4 cents per bushel

Soybean futures made modest gains for a seventh consecutive session as Argentina continues to grapple with a port-blocking labor strike and persistent dryness that threatens long-term supply.

Overnight, the most-active March soybean futures on the Chicago Board Of Trade reached $12.80-1/2 per bushel, the highest for a most-active soybean contract since June 23, 2014.

Exporters sold 233,700 tonnes of soybeans and 33,000 tonnes of soybean oil on Monday for delivery to unknown destinations during the 2020/2021 marketing year, according to the US Department of Agriculture.

Exporters also sold 125,000 tonnes of soybeans bound for unknown destinations during the 2021/2022 marketing year.

Argentina's influential chamber of soyoil manufacturers and exporters on Sunday improved its offer to striking workers, seeking to end a more than two-week standoff that has bogged down exports.

Chinese imports of US soybeans in November climbed to 6.04 million tonnes, up 136% from 2.56 million tonnes a year ago, customs data showed, as cargoes booked following a Phase 1 trade deal between the United States and China arrived in the country.

CBOT January soybeans last traded up 2-1/4 cents at $12.65-3/4 per bushel, while March soybeans gained 3-1/4 cents to 12.67-3/4 per bushel.