CBOT Trends-Wheat down 1-5¢; soybeans, corn steady-up 3¢

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

NOTE: Thin trade expected ahead of the release of the U.S. Agriculture Department’s monthly World Agricultural Supply and Demand Estimates at 11 a.m. CST (1700 GMT).

• U.S. wheat seen lower for the third time in four sessions, weighed down by competition on the export market with cheaper Russian supplies and expectations that a deal allowing for grain shipments from Black Sea ports in war-torn Ukraine will be renewed.
• The benchmark CBOT soft red winter wheat contract hit its lowest since Sept. 21, 2021 during the overnight trading session.
• Tunisia’s state grains agency is believed to have purchased about 100,000 tonnes of durum wheat in a tender.
• CBOT May soft red winter wheat dropped 4½¢ to $6.93½ a bushel overnight. K.C. May hard red winter wheat lost 1¢ to $7.98¼ a bushel and MGEX May spring wheat fell ½¢ to $8.52¼ a bushel.
• Corn steadying as traders wait for release of USDA report, which is expected to show U.S. supplies of corn will be bigger than previously forecast.
• South Korea’s Nonghyup Feed Inc bought an estimated 117,000 tonnes of animal feed corn from optional origins while the country’s Major Feedmill Group bought an estimated 68,000 tonnes of animal feed corn expected to be sourced from South America.
• CBOT May corn ended overnight trading up 2½¢ at $6.36¾ a bushel.
• Mild bargain buying rebound expected in soybeans ahead of USDA report following lower close on Tuesday.
• CBOT May soybeans were last up 3½¢ at $15.19 a bushel.

Tags: wheat, сorn, soft red winter wheat, grain, soybeans