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Briefly: Wheat falls 1-2 cents, corn and soy down 1-3 cents

CHICAGO - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday.

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Agweek file photo.

CHICAGO - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday.

NOTE: Trade awaits monthly supply/demand reports from the U.S. Department of Agriculturedue at 11 a.m. CST (1700 GMT).

 

WHEAT - Down 1 to 2 cents per bushel

Lower on technical selling and positioning ahead of USDA's monthly reports. Analysts expect the government to raise its forecast of U.S. 2015/16 wheat ending stocks. Stronger dollar adds pressure, making U.S. grains less competitive on the world market.

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* CBOT December wheat hovering near chart support at $5.00.

* Trade awaits results of an international wheat tender by Egypt's main state wheat buyer. No U.S. wheat was offered.

* Algeria's state grains agency issued a tender to buy optional-origin milling wheat for shipment in January.

* USDA rated 51 percent of the U.S. winter wheat crop as good to excellent as of Sunday, up from 49 percent a week earlier.

* CBOT December soft red winter wheat last down 1-1/4 cents at $5.00-1/2 per bushel, K.C. December hard red winter wheat up 1/4 cent at $4.74-1/4; MGEX December spring wheat up 1-1/4 cents at $5.05-1/2.

 

CORN - Down 1 to 3 cents per bushel

Lower on positioning ahead of USDA's monthly supply/demand reports. Analysts expect the government to raise its estimate of U.S. corn production and ending stocks. CBOT December contract fell to a two-month low overnight.

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* USDA said the U.S. corn harvest was 93 percent complete by Sunday, ahead of the five-year average of 88 percent.

* China is considering offering subsidies to feed mills to lift domestic corn sales, while also trying to sell down its massive state reserves of the grain at discounted prices.

 

* CBOT December corn last down 1-1/2 cents at $3.65-1/4.

 

SOYBEANS - Down 1 to 3 cents per bushel

Lower on positioning ahead of USDA's monthly reports. Analysts expect the government to raise its estimate of U.S. soybean production and ending stocks.

* Brazil's government crop supply agency Conab raised its forecast for a record national 2015/16 soybean crop to between 101.2 million and 102.8 million tonnes, from 100.1 million to 101.9 million last month.

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* USDA said the U.S. soybean harvest was 95 percent complete by Sunday, ahead of the five-year average of 93 percent.

* CBOT reported 73 deliveries against the November futures contract, with the ADM house account stopping all.

 

* CBOT January soybeans last down 2-1/2 cents at $8.63-3/4 a bushel. 

Related Topics: CORNCROPSWHEAT
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