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.
WHEAT - Down 6 cents to 8 cents per bushel
Wheat futures seen falling on better-than-expected US Agriculture Department crop ratings as well as signs of poor export demand for US supplies.
USDA pegged the US winter wheat crop as 64pc good to excellent and the spring wheat crop as 78pc good to excellent as of July 7. Both were higher than a week ago and better than the average of analysts' estimates in a Reuters poll.
Benchmark CBOT September soft red winter wheat contract hit resistance during overnight trading session at five-day moving average. Traders watching to see if prices can hold support above last week's low of $5.01 a bushel.
The lowest offer presented at an Egyptian state tender for wheat was at $198.77 a tonne free-on-board for 60,000 tonnes of Ukrainian wheat. No US wheat was offered in the tender.
CBOT September soft red winter wheat contract last traded down 7-1/4 cents at $5.03-3/4 a bushel. K.C. hard red winter wheat for September delivery was 6 cents lower at $4.34-3/4 a bushel and MGEX September spring wheat was down 2-1/2 cents at $5.30 a bushel.
CORN - Down 7 cents to 9 cents per bushel
Technical selling to pressure corn. USDA's weekly report that showed good-to-excellent ratings for US corn crop rising 1 percentage point to 57pc also seen as bearish.
CBOT December corn futures dropped below 10-day moving average overnight. Support noted at 40-day moving average.
CBOT December corn futures last traded down 7-3/4 cents at $4.36.
SOYBEANS - Down 4 cents to 6 cents per bushel
Soybean futures easing on light export demand, falling corn prices. Weakening crop ratings expected to limit declines.
Benchmark CBOT November soybean contract dropped below 40-day moving average overnight. The contract held support at Monday's low of $8.91-3/4 a bushel.
USDA said 53pc of soybean crop was rated good to excellent, down 1 percentage point from a week earlier. Analysts had forecast good-to-excellent ratings of 55pc for soybeans, according to the average of estimate given in a Reuters poll.
CBOT November soybean futures last traded down 4-3/4 cents at $8.93.
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