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. CDT (1330 GMT) on Tuesday.
NOTE: CBOT grain markets will be closed on Thursday for the US Independence Day holiday.
WHEAT - Down 4 cents to 7 cents per bushel
CBOT soft red winter wheat futures fell to three-week low during overnight trading session. Wheat market under pressure from ongoing harvest of US winter wheat crop as well as better-than-expected crop conditions report. Poor export prospects for US supplies also bearish.
US Agriculture Department said 63 percent of winter wheat crop rated good to excellent, up 2 percentage points from a week earlier. Analysts had forecast good-to-excellent ratings of 61 percent.
An Egyptian state purchase tender for wheat attracted a lowest offer of $196.96 per tonne for 60,000 tonnes of Romanian wheat. No US supplies were offered in the tender.
CBOT September soft red winter wheat last traded down 6-1/4 cents at $5.05-1/2 a bushel. K.C. September hard red winter wheat was last down 4-1/2 cents at $4.39-1/2 and MGEX September spring wheat was down 2-1/2 cents at $5.42.
CORN - Steady to down 2 cents per bushel
Weakness in wheat weighs on corn futures. Market remains under pressure from USDA's report on Friday that showed 2019 plantings were much bigger than expected.
The most-actively traded corn futures contract held support above Friday's low of $4.20-3/4 a bushel during the overnight trading session. The contract also found support at that level on Monday.
Technical support for CBOT December corn noted during overnight trading at low end of 20-day Bollinger range.
CBOT December corn last traded down 1-1/4 cents at $4.21-1/4 a bushel.
SOYBEANS - Down 2 cents to 4 cents per bushel
Follow-through selling expected after soybean market toppled from highest in more than one year on Monday. Forecasts for good weather for crop development in US Midwest also weigh on soybeans.
Traders watching to see if benchmark CBOT November soybean futures contract can hold support at 30-day moving average. Resistance was noted at 100-day moving overnight.
CBOT November soybeans last traded down 3-1/2 cents at $9.05 per bushel.
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