Monday, 03 August 2015 23:20
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 Monday.
WHEAT – Down 4 to 6 cents per bushel
Lower on spillover weakness from corn and soybeans, coupled with sluggish export demand for US supplies as the dollar remains strong. Ample global wheat supplies add pressure, along with the start of the US spring wheat harvest.
CBOT September wheat fell to $ 4.92-3/4 a bushel overnight, its lowest since June 22.
CBOT September soft red winter wheat last down 5-1/2 cents at $ 4.93-3/4 per bushel, K.C. September hard red winter wheat bid down 7-1/4 cents at $ 4.85 and MGEX September spring wheat down 5-1/2 cents at $ 5.18.
CORN – Down 5 to 6 cents per bushel
Lower on chart-based selling, forecasts for favorable US crop weather that should favor crop development. Ahead of USDA’s weekly crop progress report, early trade expectations called for the government to leave ratings unchanged from last week.
The European Commission cut its forecast for this year’s maize harvest to 65.5 million tonnes, down from 68.4 million previously.
CBOT September corn last down 5 cents at $ 3.66 a bushel, after falling to $ 3.65-1/4 overnight, its lowest level since June 23.
SOYBEANS – Down 5 to 10 cents per bushel
Lower on technical selling and benign weather in the US Midwest as the soybean crop sets pods, its key growth phase. Weakness in crude oil and concerns about slowing economic growth in China, the world’s top soy buyer, add pressure.
The CBOT new-crop November soybean contract fell to $ 9.26-1/4 overnight, its lowest since June 16.
China’s factory activity shrank more than initially estimated in July, contracting by the most in two years as new orders fell and dashing hopes that the world’s second-largest economy may be steadying.
Ukraine plans to raise soybean output by 5 percent to about 4.1 million tonnes this year and hopes to ship some volumes to China, the agriculture ministry said.
There were no deliveries against the expiring CBOT August soybean and soymeal contracts and 1,206 deliveries against August soyoil.
CBOT September soybeans last down 8-1/4 cents at $ 9.45 per bushel. New-crop November down 10-1/4 cents at $ 9.30.
