Soy down 12-23 cents, corn down 8 to 13 cents, wheat down 5-7 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. CDT (1330 GMT) on Friday.

WHEAT - Down 5 to 7 cents per bushel

Wheat futures fell overnight as weather models expect rainfall across parts of the Northern US Plains that still are in need of moisture for spring wheat crops.

CBOT's most-active wheat contract dipped below its 50-day moving average overnight.

For the week, July wheat futures are poised for a 1.6% drop.

Russian agriculture consultancy Sovecon said on Friday that it had raised its forecast for Russia's 2021 wheat crop by 1.5 million tonnes to 82.4 million tonnes.

CBOT July soft red winter wheat was last down 5-1/2 cents at $6.78-1/4 per bushel; K.C. July hard red winter wheat last lost 7-3/4 cents to $6.32-1/2 per bushel, and MGEX July spring wheat lost 11-1/2 cents to $7.64 per bushel.

CORN - Down 8 to 13 cents per bushel

Corn eased overnight as weather forecasts show rain moving in across the US Midwest.

For the week, CBOT's most-active corn futures are set to gain 1.2%.

Corn gained on Thursday after the US Department of Agriculture's assessment of global corn stockpiles came in smaller-than-expected.

Late-planted Argentine corn is enjoying better-than-expected yields, prompting the Buenos Aires Grains Exchange to increase its 2020/21 harvest estimate to 48 million tonnes from a previously estimated 46 million tonnes.

President Joe Biden's administration, under pressure from labor unions and US senators, is considering ways to provide relief to US oil refiners from biofuel blending mandates, a move that could hurt corn-based ethanol consumption.

CBOT July corn was last down 8-1/4 cents to $6.90-3/4 per bushel, while new-crop December corn eased 12-1/4 cents to $6.04-1/4.

SOYBEANS - Down 12-23 cents per bushel

Soybeans slipped overnight, setup for the market's third consecutive session of lower movement, pressured by wet weather forecasts and continued selling after the USDA's assessment of US and global supply came in larger than expected.

CBOT's most-active soybean futures are poised to end the week 3.14% lower.

CBOT July soybeans last fell 12 cents to $15.32 per bushel, while new-crop November soybeans fell 22-1/2 cents to $14.37.