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 Thursday.
WHEAT - Down 4 to 5 cents per bushel
Lower on technical selling and a lack of fresh supportive news, with no significant threats to the dormant Northern Hemisphere winter wheat crop. CBOT March wheat fell to $4.78-1/2 overnight, its lowest since Dec. 8.
* USDA reported export sales of U.S. 2015/16 wheat in the latest week at 320,200 tonnes, in line with trade estimates for 250,000 to 450,000 tonnes.
ADVERTISEMENT
* Moscow and Beijing signed agreements on the control of grain quality, which Russia has said could technically open the Chinese market to its grain.
* French consultancy Strategie Grains raised its forecast for 2015/16 EU soft wheat exports to 27.6 million tonnes, up 800,000 tonnes from last month but still lower than the 32.5 million exported last season.
* Strategie Grains projected the 2016/17 EU soft wheat crop at 143.6 million tonnes, down from 150.0 million in 2015/16.
* CBOT March soft red winter wheat last down 4-3/4 cents at $4.78-3/4 per bushel; K.C. March hard red winter wheat last down 4-1/2 cents at $4.76-1/2; MGEX March spring wheat down 2 cents at $5.03-3/4.
CORN - Down 1 to 2 cents per bushel
Lower on technical trading and weak export demand for U.S. supplies. CBOT March corn fell to $3.67-3/4 a bushel overnight, matching its Dec. 3 low. Concern about an expansion in Argentine corn production adds pressure.
* USDA reported export sales of U.S. 2015/16 corn in the latest week at 579,400 tonnes, below a range of trade estimates for 700,000 to 950,000 tonnes.
ADVERTISEMENT
* French consultancy Strategie Grains projected 2016/17 maize production at 64.9 million tonnes, up 13 percent on 2015, when drought hurt yields.
* CBOT March corn last down 2 cents at $3.67-3/4 a bushel.
SOYBEANS - Down 6 to 8 cents per bushel
Lower on expectations that Argentina's move to devalue its currency will unleash Argentine farmer soybean sales. The Argentine peso opened 29.8 percent weaker Thursday at 14.00 per U.S. dollar. Disappointing weekly U.S. export sales add pressure, although fresh sales to China lend support. CBOT January soybeans fell to a three-week low overnight at $8.55 a bushel.
* CBOT soymeal futures <0#SM:> fell to contract lows overnight.
* USDA said private exporters sold 424,000 tonnes of U.S. soybeans to China for 2015/16 delivery.
* USDA reported export sales of U.S. 2015/16 soybeans in the latest week at 887,800 tonnes, below a range of trade estimates for 900,000 to 1,300,000 tonnes.
ADVERTISEMENT
* USDA reported weekly U.S. soymeal export sales at 108,600 tonnes, below trade estimates for 150,000-300,000 tonnes.
* USDA reported weekly soyoil export sales at 10,200 tonnes, in line with trade estimates.
* The Philippine government said it will challenge a ban on GMO imports ordered by the country's top court, after the ruling rattled global markets this week over the threat of disruption to millions of tonnes of soybean meal shipments.
* The U.S. House of Representatives is expected to vote Thursday on a federal tax and spending package that includes a reinstatement of the $1-a-gallon biodiesel tax credit for blenders. The U.S. Senate might vote as soon as Friday.
* Malaysian palm oil fell following declines in crude oil and competing vegetable oils as well as concerns over slowing exports.
* CBOT January soybeans last down 6-1/2 cents at $8.56 a bushel.
