CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday.
Wheat - Down 2 to 4 cents per bushel
CBOT wheat lower on good global supplies and crop-boosting rains in U.S. winter wheat areas.
Actively traded CBOT July wheat hit overhead chart resistance at its 20-day moving average during overnight trading.
rains have boosted soil moisture in U.S. winter wheat areas. Storms in the Plains are forecast to ease drought stress on some wheat fields, and more rain is likely in the 11-15 day window, forecasters said.
Crop monitoring service MARS on Tuesday slightly increased its forecast for this year’s soft wheat yield in the European Union, though it warned that dry conditions in the north of the bloc could hamper crop development.
CBOT July soft red winter wheat was last down 2-3/4 cents at $5.47-1/2 per bushel. K.C. July hard red winter wheat was last down 3-3/4 cents at $5.54-1/2 a bushel, and Minneapolis July spring wheat was last unchanged at $6.10-1/4 a bushel.
Soybeans hit 2-month high on hopes of easing US-China trade tensions
Corn - Down 2 to 4 cents per bushel
Corn futures lower for a fourth straight session on technical selling and on forecasts for improved U.S. planting weather.
Actively traded July corn broke below technical chart support at its 50-day moving average during overnight trading and hit its lowest point since April 10.
Drier U.S. Midwest weather was expected after rains on Thursday and Friday, allowing fields to dry out and planting to resume following recent rain delays, Commodity Weather Group said in a note.
CBOT July corn was last 3-1/4 cents lower at $4.80 per bushel.
Soybeans - Up 3 cents to down 1 cent per bushel
Soybeans mixed, with nearby contracts lifted by technical support and speculative buying on expectations of a de-escalation of U.S.-China trade tensions.
July soybeans briefly broke through overhead technical chart resistance at its 200-day moving averages during overnight trading and hit the highest point for a most active contract since February 24.
Drier U.S. Midwest weather was expected after rains this week, which should limit planting delays, Commodity Weather Group said.
CBOT July soybeans were last up 2-1/4 cents at $10.48-1/4 per bushel.
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