Wheat down 3-4 cents, corn up 1-3 cents, soy down 4-5 cents

CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Monday.

WHEAT - Down 3 to 4 cents per bushel

Wheat futures turn lower, retreating from early strength, awaiting market direction. Strength in corn lends support.

Russia is considering a formula-based tax on the wheat it sends abroad from June 1, a month earlier than previously stated, two sources familiar with government talks told Reuters on Saturday.

The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators expanded their net short position in CBOT wheat by 1,691 contracts in the week to Jan. 26, to 2,718 lots.

For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators reduced their net long position by 3,169 lots, to 35,442 contracts, their biggest net long since September 2018.

CBOT March soft red winter wheat last traded down 3 cents at $6.60 per bushel. K.C. March hard red winter wheat fell 4-1/2 cents at $6.33-1/2 per bushel. MGEX March spring wheat was down 3-3/4 cents at $6.29-3/4 per bushel.

CORN - Up 1 to 3 cents per bushel

Corn futures climb on continued strong export demand from China and other buyers. The CBOT March contract reached $5.55-3/4 in early moves, the highest price on a continuous chart of the most-active contract since June 2013.

The US Agriculture Department confirmed private sales of 125,730 tonnes of US corn to Mexico and another 110,000 tonnes to Japan, all for delivery in the 2020/21 marketing year.

The supplement to the CFTC's weekly commitments report showed large speculators cut their net long position in CBOT corn futures by 10,134 contracts in the week to Jan. 26, to 405,581 lots.

CBOT March corn was last up 3-1/4 cents at $5.50-1/4 per bushel.

SOYBEANS - Down 4 to 5 cents per bushel

Soybeans head lower, retreating from early strength on technical selling but staying within a trading range. Market underpinned by strength in corn and uncertainty about South American harvest prospects.

The USDA confirmed private sales of 133,000 tonnes of US soymeal to the Philippines for delivery in the 2020/21 marketing year.

Analysts expect the USDA later on Monday to report that US processors crushed 193.9 million bushels of soybeans in December, up 5% from a year earlier.

The supplement to the CFTC's weekly commitments report showed large speculators trimmed their net long position in CBOT soybeans by 1,028 contracts in the week to Jan. 26, to 144,761 lots.

CBOT March soybeans were last down 4-1/2 cents at $13.65-1/2 per bushel.