CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Monday.
Trading in US grain and soy market may be relatively subdued ahead of Friday, when the US Department of Agriculture is set to release slew of key crop data, including quarterly stocks reports that were delayed by partial government shutdown.
WHEAT - Unchanged to down 1 cent per bushel
* Wheat prices were narrowly lower on technical selling after steep gains during Friday's session. More robust demand for US wheat in world markets continued to underpin futures.
* Bull-spreading in US wheat futures as well as firmer basis values for soft red winter and hard red winter wheat at the US Gulf Coast both pointed to stronger demand, traders said.
* One analyst said forecasts for precipitation in parts of northern Ohio raised concerns of too much moisture for fields of wheat plants in winter dormancy. Excessive water can reduce certain wheat qualities prized by millers and bakers.
* CBOT March wheat traded down 3/4 cent at $5.23-1/2 per bushel. K.C. March hard red winter wheat was 1/2 cent lower at $5.08-1/4 a bushel, and MGEX March spring wheat was down 1 cent at $5.74-1/2.
CORN - Unchanged
* The corn market moved little overnight, remaining within the trading range from the past two sessions.
* Corn prices have been buoyed by strength in soybeans and wheat futures but corn has lagged those markets in part over concerns of reduced corn demand from ethanol producers.
* CBOT March corn was unchanged at $3.78-1/4 per bushel.
SOYBEANS - Flat to down 1 cent per bushel
* Soybeans eased slightly as traders locked in profits after recent gains. Soybeans on a continuous chart climbed to the highest since June 14 on Friday.
* Chinese state-owned firms ramped up purchases of US soybeans as a goodwill gesture following a round of US-China trade talks. Soybean futures have also been supported by dry weather in Brazil that led some analysts to trim forecasts for soy output in Brazil, the biggest global exporter.
* The US Department of Agriculture said China purchased 612,000 tonnes of US soybeans for shipment during the current 2018/19 season.
* The figures were smaller than reported late last week but more releases could be published by USDA as shippers report sales to the US government.
* The Chinese state agricultural conglomerate COFCO Group recently purchased a batch of soybeans amounting to "millions of tonnes" from the United States, it said in a notice on Saturday.
* CBOT March soybeans traded down 1/4 cent at $9.17-1/2 a bushel.
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