Wheat up 2-3 cents, corn down 1-2 cents, soybeans 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 8:30 a.m. CDT (1330 GMT) on Thursday.

WHEAT - Up 2 to 3 cents per bushel

Wheat futures inched higher overnight ahead of today's world supply and demand report from the US Agriculture Department.

The report is expected to reflect lower global wheat supply due to diminished yields in the Russian wheat crop, North American drought and delayed harvest across the European Union due to excessive rainfall.

Analysts expect the USDA to peg US 2021/2022 all wheat production at 1.723 billion bushels, down 23 million bushels from its July assessment.

EU wheat hits highs on French, Russian supply concerns

CBOT September soft red winter wheat was last 2-3/4 cents higher at $7.29-3/4 per bushel; K.C. September hard red winter wheat firmed 1-1/2 cents to $7.11-3/4 per bushel, and MGEX September spring wheat added 7-1/4 cents to $9.20-1/4 per bushel.

CORN - Down 1 to 2 cents per bushel

Corn traded near even overnight, awaiting the USDA's supply and demand report.

Analysts expect the USDA to show US 2021/2022 corn production at 177.6 billion bushels, down 1.9 billion bushels from its July report, cutting yield 1.9 bushels per acre to 177.6 bpa.

Brazil's corn production is also expected to drop 4.28 million tonnes to 88.72 million tonnes.

CBOT December corn last traded down 1-1/4 cents at $5.58 per bushel.

SOYBEANS - Down 3 to 5 cents per bushel

Soybeans eased overnight, pressured by continued rainfall across parts of the US Midwest.

Exporters sold 132,000 tonnes of soybeans to China for the 2021/2022 marketing year, as well as 198,000 tonnes to unknown destinations, the USDA said.

Analysts anticipate the USDA's soybean production estimate to drop 30 million bushels to 4.375 billion bushels compared with its July report, cutting its yield estimate slightly from 50.8 bushels per acre (bpa) to 50.4 bpa.

China has lowered its estimates of soybean imports in the year 2020/21 by 1.84 million tonnes to 98.6 million tonnes, following a decline in crush margins, said the Ministry of Agriculture and Rural Affairs.

Argentina's 2021/2022 soybean harvest was pegged at 49 million tonnes, up 4 million from the previous season, according to the Rosario grains exchange.

CBOT November soybeans were last down 4-1/4 cents at $13.35-3/4 per bushel, while nearby August soybeans lost 3-3/4 cents to $14.01-3/4.