CBOT Trends-Wheat up 1-3 cents, corn steady-up 1, soybeans up 7-8

By Times Of India on 09 Aug 2017 | read
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CHICAGO, Aug 8 (Reuters) - Following are U.S. trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

NOTE: Trade awaits the U.S. Department of Agriculture's monthly supply/demand reports due on Thursday.

WHEAT - Up 1 to 3 cents per bushel

Heading higher for a second session on technical buying and short-covering ahead of the USDA's supply/demand reports on Thursday, and after the CBOT September contract last week dipped to a seven-week low.

* Analysts expect the USDA on Thursday to lower its estimate of U.S. wheat production, especially spring wheat.

* The USDA late Monday rated 32 percent of the U.S. spring wheat crop in good to excellent condition, up from 31 percent a week earlier. The USDA said the spring wheat harvest was 24 percent complete and the winter wheat harvest was 94 percent complete.

* CBOT September soft red winter wheat last traded up 1-3/4 cents at $4.65-1/4 per bushel; K.C. September hard red winter wheat was up 3-1/4 cents at $4.70 and MGEX September spring wheat was up 3-1/2 cents at $7.30.

CORN - Steady to up 1 cent per bushel

Modestly higher on declining U.S. crop condition ratings and worries about dry conditions stressing crops in portions of the western Midwest. Traders seen squaring positions ahead of the USDA's supply/demand reports on Thursday.

* The USDA late Monday rated 60 percent of the U.S. corn crop in good to excellent condition, down from 61 percent a week earlier. Analysts had expected no change.

* Analysts surveyed by Reuters expect the USDA in its supply/demand reports on Thursday to lower its forecast of U.S. 2017 corn production and yield.

* CBOT December corn last traded up 3/4 cent at $3.87-1/2 per bushel.

SOYBEANS - Up 7 to 8 cents per bushel

Higher on worries about dry conditions in parts of the U.S. Midwest, including Iowa, and position-squaring ahead of the USDA's supply/demand reports on Thursday. Customs data showing strong Chinese soy demand in July adds support.

* China's July soybean imports surged 30 percent to their highest level on records back to 2010, as ports in the world's top oilseed consumer rushed to clear a months-long backlog of cargoes.

* The USDA late Monday rated 60 percent of the U.S. soybean crop in good to excellent condition, up from 59 percent a week earlier. But ratings declined in Illinois and Iowa, the top to U.S. soy states.

* Analysts surveyed by Reuters expect the USDA in its supply/demand reports on Thursday to trim its forecast of U.S. 2017 soybean production and yield.

* The CBOT reported 256 soybean deliveries and 70 soyoil deliveries against August futures. There were 176 August soymeal deliveries, including 110 contracts issued by the Bunge house account, with the Term house stopping 72.

* CBOT November soybeans last traded up 8 cents at $9.77-3/4 a bushel. (Reporting by Julie Ingwersen)

 

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