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CBOT Trends: Wheat and corn down 2 to 3 cents, soybeans mixed

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. CDT on Tuesday.

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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. CDT on Tuesday.

* NOTE: Trade awaits the release of the U.S. Department of Agriculture's monthly supply/demand reports at 11 a.m. CDT.

 

WHEAT - Down 2 to 3 cents per bushel

Lower on plentiful U.S. and global supplies. Analysts expect the USDA in its monthly report to raise its forecasts of U.S. and world wheat ending stocks for 2016/17. Analysts also expect the USDA to raise its estimate of U.S. 2016/17 wheat production.

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* Trade awaits results of the first international wheat tender from Egypt's GASC since April. The tender drew 13 offers of wheat, all of Russian, Romanian or Ukrainian origin. No U.S. wheat was offered.

* France's farm ministry expects the country's soft wheat production to shrink by almost 10 percent this year after heavy rain hurt crops.

* The CBOT reported 14 July deliveries of Chicago wheat and no deliveries of K.C. hard red winter wheat. The MGEX reported no July spring wheat deliveries.

* CBOT September soft red winter wheat last down 3 cents at $4.27-1/2 per bushel; K.C. September hard red winter wheat down 4-1/4 cents at $4.12-1/2 and MGEX September spring wheat down 2-1/4 cents at $4.97-1/2.

 

CORN - Down 2 to 3 cents per bushel

Lower as market awaits USDA's monthly reports, and as forecasts for good rains in the U.S. Midwest this week offset concerns about hot weather later this month. Analysts expect the USDA to raise its forecasts of U.S. corn ending stocks for both 2015/16 and 2016/17.

* In a weekly crop progress report late Monday, the USDA rated 76 percent of the U.S. corn crop as good to excellent, up from 75 percent the previous week. Analysts surveyed by Reuters had expected no change.

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* The CBOT reported 58 corn deliveries against July futures, which expire on Thursday.

* CBOT September corn last down 2-3/4 cents at $3.45-1/2 per bushel.

 

SOYBEANS - Mixed, up 1/2 cent to down 2 cents per bushel

Choppy as traders adjust positions ahead of the USDA's monthly reports. Analysts surveyed by Reuters expected the government to lower its forecast of U.S. 2015/16 soybean ending stocks and raise its forecast for 2016/17 ending stocks.

* Weather a mixed bag; rains expected in the Midwest this week should boost soil moisture ahead of a potentially stressful hot spell forecast for later this month.

* The USDA in its weekly crop progress report late Monday rated 71 percent of the U.S. soybean crop as good to excellent, up from 70 percent the previous week. Analysts surveyed by Reuters had expected no change.

* CBOT reported no July soybean deliveries, 66 soyoil deliveries and 100 soymeal deliveries, the first of the cycle for soymeal.

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* Malaysian palm oil futures plunged to a near 10-month low after data showed exports plummeted more than expected.

* CBOT August soybeans last up 1/2 cent at $10.77-1/2 per bushel. 

Related Topics: MARKETSCROPS
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