Markets

CBOT Trends - Wheat up 2-3 cents, corn up 1-2, soybeans up 2-4

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NOTE: The US Department of Agriculture (USDA) is due to release its small grains summary and quarterly stocks reports on Friday at 11 a.m. CDT (1600 GMT).

WHEAT - Up 2 to 3 cents per bushel

* Wheat turned higher just ahead of the break in trade on larger-than-expected weekly USDA export sales data.

* The USDA reported export sales of US wheat in the week to Sept. 20 at 657,100 tonnes, a six-week high that topped a range of trade expectations.

* Chart resistance noted at the CBOT December contract's 200-day moving average near $5.26.

* The International Grains Council raised its forecast for world 2018/19 wheat production by 1 million tonnes, to 717 million.

* Analysts expect the USDA on Friday to make only modest changes to its US 2018/19 wheat production estimates.

* CBOT December wheat last traded up 3 cents at $5.20-1/2 per bushel. K.C. December hard red winter wheat was up 4 cents at $5.25 and MGEX December spring wheat was up 6 cents at $5.83-1/2.

CORN - Up 1 to 2 cents per bushel

* Corn turned up ahead of the break in trade on larger-than-expected weekly export sales data, with the CBOT December contract matching Wednesday's two-week high of $3.64-3/4.

* Chart resistance noted at the contract's 50-day moving average near $3.68.

* The USDA reported export sales of US corn in the latest week just above 1.7 million tonnes, topping a range of trade expectations for 900,000 to 1.3 million tonnes.

* The International Grains Council raised its forecast for world 2018/19 corn production by 10 million tonnes, to 1.074 billion tonnes.

* Analysts on average expect the USDA on Friday to report Sept. 1 US corn stocks at 2.010 billion bushels, down 12 percent from a year ago.

* CBOT December corn last traded up 1-1/2 cents at $3.64-1/2 per bushel.

SOYBEANS - Up 2 to 4 cents per bushel

* Soybeans higher on technical buying and larger-than-expected weekly soymeal export sales. Traders adjusting positions ahead of month- and quarter-end, and ahead of USDA's quarterly stocks report on Friday.

* The USDA reported export sales of US soybeans in the latest week at 872,300 tonnes (old and new crop years combined), in line with trade expectations for 600,000 to 1 million tonnes.

* The USDA reported combined-year soymeal export sales at 659,200 tonnes, above trade expectations.

* CBOT soybean futures could fall below $8 a bushel for the first time in a decade as the escalating Sino-US trade war prompts China to cut purchases from the United States, commodity analyst Thomas Mielke said.

* Analysts on average expect the USDA on Friday to report Sept. 1 US soybean stocks at 401 million bushels, up 33 percent from a year ago and the largest Sept. 1 figure since 2007.

* The European Commission has decided not to reinstate import tariffs for now on Argentine biodiesel, saying it wants more information.

Copyright Reuters, 2018