CCBOT Trends-Soybeans up 7-9 cents, corn and wheat steady to down 1
NOTE: Wednesday is the second day of the five-session "Goldman roll," in which the S&P GSCI fund rolls long positions in March grain contracts forward.
Trade awaits the release of U.S. Department of Agriculture's monthly supply/demand report on Thursday.
WHEAT - Steady to down 1 cent per bushel
Steady to weaker ahead of the USDA's monthly supply-demand reports on Thursday.
* Ahead of the USDA's monthly report, analysts surveyed by Reuters expect the government to trim its forecast of 2016/17 U.S. wheat ending stocks.
* Russian exports of wheat increased to 25.3 million tonnes in 2016 from 21.2 million tonnes a year ago, official customs data showed.
* Tunisia's state grains agency bought around 100,000 tonnes of durum wheat in an international tender, European traders said.
* CBOT March soft red winter wheat last traded unchanged at $4.30-3/4 per bushel; K.C. March hard red winter wheat up 1-3/4 cents at $4.41-1/4; MGEX March spring wheat up 2-1/2 cents at $5.58.
CORN - Steady to down 1 cent per bushel
Steady to weaker ahead of the USDA's monthly supply-demand reports on Thursday. CBOT March corn trading narrowly around its 200-day moving average at $3.68 a bushel.
* Ahead of the USDA's supply/demand reports on Thursday, analysts surveyed by Reuters expect the government to lower its forecast of 2016/17 U.S. corn ending stocks.
* China's National Grain and Oils Information Center (CNGOIC), an official think-tank, raised its estimate for China's corn consumption for the 2016/17 season to 197.6 million tonnes, up 21 million tonnes from the 2015/16 year. The forecast is up by 500,000 tonnes from a previous estimate made in January.
* CBOT March corn last traded unchanged at $3.68-1/2 a bushel.
SOYBEANS - Up 7 top 9 cents per bushel
Higher on technical buying and expectations of export demand for U.S. soybeans ahead of the South American harvest. CBOT March soybeans reached $10.53-1/2 a bushel overnight, its highest since Jan. 26.
* Ahead of the USDA's supply/demand reports on Thursday, analysts surveyed by Reuters expect the government to reduce its forecasts of 2016/17 U.S. and world soybean ending stocks.
* Malaysian palm oil futures hit a two-week high on expectations of a drop in stockpiles amid strong exports by the world's second-largest producer of the tropical oil.
* CBOT March soybeans last up 9 cents at $10.51-3/4 per bushel.