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.
WHEAT - Down 2 to 5 cents per bushel
Wheat weakens on ample domestic supplies, with traders shrugging off a 120,000-tonne sale to Egypt as the US Agriculture Department said on Friday that wheat stocks as of Dec. 1 stood at a bigger-than-expected 1.999 billion bushels.
Russia's Agriculture Ministry sees the country's 2018/19 wheat exports at 37 million tonnes.
Benchmark CBOT March wheat contract firmed early during the overnight trading session but turned lower after hitting resistance as it neared its 40-day moving average.
CBOT March wheat traded down 3-1/2 cents at $5.13-3/4 per bushel. K.C. March hard red winter wheat was off 2-1/2 cents at $4.91-3/4 a bushel and MGEX March spring wheat was 3-1/4 cents lower at $5.65-1/4.
CORN - Down 1 to 3 cents per bushel
Corn market seen as technically weak after falling three days in a row to close last week. Corn futures hit their lowest since mid-January during overnight trading.
CBOT March corn traded down 1 cent at $3.73-1/4 per bushel.
SOYBEANS - Down 2 to 5 cents per bushel
Traders waited for concrete signs of progress in trade negotiations between United States and China before pushing soybeans higher.
China struck an upbeat note on Monday as trade talks resumed, but also expressed anger at a US Navy mission through the disputed South China Sea, casting a shadow over the prospect for improved Beijing-Washington ties.
USDA said that private exporters reported the sale of 120,000 tonnes of soymeal for delivery to Ecuador.
Support for benchmark CBOT March soybean futures was noted at the 40-day moving average.
CBOT March soybeans traded down 2-3/4 cents at $9.11-3/4 a bushel.
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