Content ID

335931

CBOT Trends-Wheat down 3-4 cents, corn down 1-2 cents, soy steady-down 2 cents

CHICAGO, Nov 9 (Reuters) - 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. CDT (1330 GMT) on Wednesday.

* Traders await the U.S. Department of Agriculture's monthly supply/demand reports for November, set for release at 11 a.m. CST (1700 GMT).

WHEAT - Down 3 to 4 cents per bushel

* Wheat heads lower in technical trade as brokers square positions ahead of the USDA's monthly supply/demand reports. Market underpinned by uncertainty about grain exports from the Black Sea region.

* Russia said it still saw no progress on easing its exports of fertilisers and grain, parts of the Black Sea grain deal that Moscow views as fundamental to extending the initiative beyond next week.

* Farm office FranceAgriMer cut its monthly forecast for French soft wheat exports both outside and within the European Union in the 2022/23 season and said that forecasts remained closely linked to the future of Ukraine's exports.

* Algeria's state grains agency OAIC is believed to have bought about 510,000 tonnes of milling wheat in an international tender on Tuesday, European traders said.

* CBOT December soft red winter wheat was last down 3 cents at $8.24-3/4 a bushel. K.C. December hard red winter wheat was last down 2-1/4 cents at $9.43-1/2, and MGEX December spring wheat was last down 1-1/2 cents at $9.49.

CORN - Down 1 to 2 cents per bushel

* Corn eased on technical selling and positioning ahead of the USDA's monthly reports. Chart support noted in the CBOT December contract at its 200-day moving average near $6.64. The contract fell to $6.65 in early moves, its lowest since Sept. 28.

* Brazilian crop supply agency Conab trimmed its forecast of the country's 2022/23 all-corn crop to 126.4 million tonnes, compared with its previous forecast of 126.94 million.

* CBOT December corn was last down 2 cents at $6.65-1/2 per bushel.

SOYBEANS - Steady to down 2 cents per bushel

* Soybeans flat to weaker in range-bound trade ahead of the USDA's monthly supply/demand reports. The benchmark January contract stayed inside of Tuesday's trading range in early moves.

* Fresh export sales may lend support. The USDA confirmed private sales of 264,000 tonnes of U.S. soybeans to China and another 198,000 tonnes to unknown destinations, all for delivery in the 2022/23 marketing year that began Sept. 1.

* Brazilian crop supply agency Conab raised its forecast of the country's 2022/23 soybean crop to 153.54 million tonnes, up from its previous forecast of 152.35 million.

* CBOT January soybeans last traded unchanged at $14.46-1/2 a bushel. (Reporting by Julie Ingwersen)

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