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CBOT Trends-Soy up 1-3 cents, wheat steady-down 2, corn flat-down 1

CBOT Trends-Soy up 1-3 cents, wheat steady-down 2, corn flat-down 1CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday.

NOTE: CBOT November soybean and rough rice futures contracts expire at 12:01 p.m. CST (1801 GMT).

WHEAT – Steady to down 2 cents per bushel

Flat to weaker in rangebound trade amid a lack of market-moving news. Futures underpinned by a decline in US crop condition ratings and the fact that commodity funds already hold a large net short position in CBOT wheat futures.

The US Department of Agriculture late Monday rated 54 percent of the US winter wheat crop as good to excellent in a weekly crop progress report, down from 55 percent a week earlier and below an average of analyst expectations for 56 percent.

CBOT December soft red winter wheat last traded down 1/4 cent at $4.24 per bushel, K.C. December hard red winter wheat was down 1-1/4 cents at $4.26-1/4, and MGEX December spring wheat was down 1-1/4 cents at $6.32.

CORN – Steady to down 1 cent per bushel

Flat to weaker in rangebound trade, hovering just above contract lows as the US harvest progresses. Market underpinned by the fact that commodity funds hold a large net short position in CBOT corn futures.

The USDA said private exporters sold 133,096 tonnes of US corn to unknown destinations for delivery in the 2017/18 marketing year, which began Sept. 1.

The USDA late Monday said the US corn harvest was 83 percent complete, up from 70 percent a week earlier but lagging the five-year average of 91 percent.

CBOT December corn last traded down 3/4 cent at $3.41-1/2 per bushel.

SOYBEANS – Up 1 to 3 cents per bushel

Higher on bargain buying a day after the benchmark January contract dipped to a one-month low. Rallies capped by forecasts for welcome rains this week in crop areas of Brazil.

The USDA late Monday said the US soybean harvest was 93 percent complete, up from 90 percent a week earlier but behind the five-year average of 95 percent.

The CME Group reported 150 deliveries against CBOT November soybean futures.

CBOT January soybeans last traded up 2-3/4 cents at $9.77 per bushel.

Copyright Reuters, 2017

Source: Brecorder.com

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