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Markets

Wheat down 3-5 cents, corn down 3-4 cents, soy down 6-8 cents

The CBOT reported zero deliveries against CBOT September wheat and two zero September wheat deliveries. Corn m
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  • The CBOT reported zero deliveries against CBOT September wheat and two zero September wheat deliveries.
  • Corn market easing after USDA report showing stable crop conditions topped

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 3 cents to 5 cents per bushel

* Technical selling expected in wheat after rally on Monday failed to take out one-month high hit on Friday.

* Benchmark CBOT December soft red winter wheat contract  fell below five-day moving average before finding support at  40-day moving average during overnight trading session.

* The US Agriculture Department on Monday afternoon said that 8% of the winter wheat crop had been planted as of Sept. 15, in line with market expectations.

* The CBOT reported zero deliveries against CBOT September wheat and two zero September wheat deliveries.

* CBOT December soft red winter wheat last traded down 4-1/4 cents at $4.84-1/2 a bushel.

* K.C. December hard red winter wheat was last down 3 cents at $4.06 a bushel. MGEX December spring wheat dipped 1 cent to $5.08 a bushel overnight.

CORN - Down 3 cents to 4 cents per bushel

* Corn market easing after USDA report showing stable crop conditions topped analysts' forecasts.

* CBOT December corn futures firmed briefly during overnight trading but turned lower after hitting resistance at 30-day moving average. The contract also hit resistance at that key technical point on Monday.

* Good-to-excellent ratings for the US corn crop came in at 55%, unchanged from a week earlier and beating market expectations for 54%. USDA said 4% of the crop had been harvested, in line with forecasts.

* There were zero deliveries against the CBOT September corn futures contract.

* CBOT December corn last traded 3-1/2 cents lower at $3.70-1/2 per bushel.

SOYBEANS - Down 6 cents to 8 cents per bushel

* Soybean market easing on profit-taking setback after three straight days of gains pushed most-active contract to highest since late July. Weakness in the cash market, stemming from a pick-up in farmer selling when prices rallied, adding pressure.

* Private exporters reported the sale of 260,000 tonnes of soybeans for delivery to China during the 2019/20 marketing year, the US Agriculture Department said.

* CBOT November soybeans dropped below high end of 20-day Bollinger range overnight.

* USDA said that the soybean crop was rated 54% good to excellent, down 1 percentage point from a week earlier and in line with the average of market forecasts.

* CBOT September soybean deliveries totaled seven contracts. There were zero deliveries against CBOT September soymeal and zero deliveries against CBOT September soyoil.

* CBOT November soybeans last traded down 6-3/4 cents at $8.93-1/4 per bushel.