Markets

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

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NOTE: CBOT May contracts expire at 12:01 p.m. CDT (1701 GMT).

WHEAT - Steady to down 1 cent per bushel

Steady to lower in choppy, rangebound trade. Worries about excessive moisture hurting crop quality in the southern US Plains and Midwest winter wheat regions remains a concern. But ample global supplies keep a lid on rallies.

Algeria's state grains agency OAIC bought around 470,000 tonnes of milling wheat and 75,000 tonnes of animal feed barley in a tender which closed on Wednesday, European traders said.

The CBOT reported 10 deliveries against the CBOT May wheat contract and 64 K.C. wheat deliveries. There were no deliveries of MGEX May spring wheat.

CBOT July soft red winter wheat last traded unchanged at $4.33-3/4 per bushel, K.C. July hard red winter wheat was last down 1/4 cent at $4.40-1/2, and MGEX July spring wheat up 1 cent at $5.49-1/4.

CORN - Steady to down 1 cent per bushel

Steady to softer on improving planting weather in the US Midwest. Forecasts call for a beneficial warm-up next week but rains are also expected in the last half of next week. CBOT July corn fell below support at its 200-day moving average near $3.69 a bushel.

The CME Group on Thursday said it lifted the majority of force majeure conditions invoked at corn and soybean shipping stations on the Illinois River this month.

China's National Grain Trade Center said reported sales of 335,337 tonnes of 2011 and 2012 domestic corn at an auction of state reserves, representing 74 percent of total available.

The CBOT reported 192 deliveries against May corn futures.

CBOT July corn last down 1/2 cent at $3.68-3/4 a bushel.

SOYBEANS - Down 3 to 4 cents per bushel

Lower on forecasts for improving weather in the US Midwest and rising estimates of South American soybean harvests.

The CME Group on Thursday said it lifted the majority of force majeure conditions invoked at corn and soybean shipping stations on the Illinois River this month.

China's Dalian Commodity Exchange said it would delay the launching of its No.2 soybean futures due to changes needed to the rules and specifications of the contract.

Malaysian July palm oil futures fell 0.79 percent as traders took profits ahead of export data due on Monday.

The CBOT reported 93 soybean deliveries against the May futures contract, all issued by the Term Commodities house account. There were 16 soymeal deliveries and seven soyoil deliveries.

CBOT July soybeans last down 3-3/4 cents at $9.62-1/2 a bushel.

Copyright Reuters, 2017