CBOT Trends-Wheat and corn steady to down 1 cent, soy down 3-4

NOTE: Trade awaits the US Department of Agriculture's US planting intentions and quarterly stocks reports, both due on Friday.

WHEAT - Steady to down 1 cent per bushel

Steady to weak in rangebound trade ahead of the USDA's planting intentions and quarterly stocks reports on Friday. Widespread rains in the US Plains winter wheat belt this week should bolster yield prospects, anchoring futures. Better-than-expected weekly export sales lend underlying support.

The USDA reported weekly export sales of old-crop wheat at 464,100 tonnes, above a range of trade expectations, and new-crop sales of 163,500 tonnes, in line with expectations.

The International Grains Council forecast 2017/18 global wheat production at 735 million tonnes, down from 754 million tonnes in 2016/2017.

Analysts surveyed by Reuters expect the USDA on Friday to project a decline in US spring and total wheat plantings and a year-on-year increase in March 1 wheat stocks.

CBOT May soft red winter wheat last down 1 cent at $4.24-1/2 per bushel; K.C. May hard red winter wheat last traded unchanged at $4.23-1/2; MGEX May spring wheat up 1/4 cent at $5.43-1/2.

CORN - Steady to down 1 cent per bushel

Steady to lower in ahead of the USDA's planting intentions and quarterly stocks reports on Friday.

The USDA reported weekly export sales of old-crop corn at 716,900 tonnes, below a range of trade expectations, and new-crop sales of 125,500 tonnes, in line with expectations.

Chinese corn futures on the Dalian Commodity Exchange fell for a second day amid rumors that Beijing will release grain from its vast state reserve earlier than scheduled and at lower-than-expected prices.

Analysts surveyed by Reuters expect the USDA on Friday to project a decline in US corn plantings for 2017 and a year-on-year rise in March 1 stocks.

CBOT May corn last down 1 cent at $3.57-1/2 a bushel.

SOYBEANS - Down 3 to 4 cents per bushel

Lower on technical selling ahead of USDA's plantings and stocks reports on Friday and continued pressure from the harvest of a large South American soy harvest. The CBOT May contract fell to $9.64 a bushel in early moves, its lowest since mid-October.

Analysts expect the USDA on Friday to project a jump in US soybean plantings for 2017.

The USDA reported weekly export sales of old-crop soybeans at 681,100 tonnes and new-crop sales of 315,600 tonnes, both slightly above trade expectations.

Through its daily reporting system, the USDA said private exporters sold 165,000 tonnes of US soybeans to China for delivery in the 2017/18 marketing year that will begin on Sept. 1.

Malaysian June palm oil futures fell 2.28 percent, dragged down by declines in CBOT and Dalian soyoil futures.

CBOT May soybeans last down 4-1/4 cents at $9.64-3/4 a bushel.