CBOT Trends-Wheat down 8-10 cents, corn down 1-3 cents, soy mixed
CHICAGO, Dec 18 (Reuters) – Following are U.S. 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 Monday.
WHEAT – Down 8 to 10 cents per bushel
* CBOT wheat Wv1 retreated after touching a one-week high overnight as traders expect lackluster volume heading into Christmas and the end of the year.
* Rains will benefit wheat crops in the U.S. Plains next week but may miss the driest area in the west, Commodity Weather Group said.
* Saudi Arabia bought 1,353,000 metric tons of wheat in a tender, and European traders expect Russia to supply much of it.
* Export prices for Russian wheat rose slightly last week.
* CBOT March soft red winter wheat WH24 last traded down 8-3/4 cents at $6.20-1/2 per bushel. K.C. March hard red winter wheat KWH24 was last down 13-3/4 cents at $6.29 a bushel, while MGEX March spring wheat MWEH24 was last down 9-3/4 cents at $7.21 a bushel.
CORN – Down 1 to 3 cents
* CBOT corn stayed in a narrow range overnight as traders monitored forecasts for rain in parts of Brazil that have struggled with heat and dryness. Traders are also watching to see whether U.S. export demand improves.
* China logged record corn imports in November.
* CBOT March corn CH24 last traded down 1-1/2 cents at $4.81-1/2 per bushel.
* Oil prices rose amid attacks on ships in the Red Sea.
SOYBEANS – Mixed
* Forecasts for beneficial rains in Brazil have weighed on futures, though Commodity Weather Group said short-term rain chances narrowed in northern Brazil’s soy growing areas.
* Brazil’s soybean planting reached 94% of the expected area last week, AgRural said, adding the biggest areas of concern are the states of Mato Grosso and Bahia.
* Solid export demand for U.S. soybeans underpins CBOT futures, although the government did not confirm daily sales, traders said.
* CBOT January soybeans SF24 last traded up 1 cent at $13.16-3/4 per bushel.
