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 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.