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330381

CBOT Trends-Wheat up 8-12 cents, corn up 17-20 cents, soy up 18-22 cents

CHICAGO, July 11 (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 Monday. WHEAT - Up 8 to 12 cents per bushel * Follow-through technical buying is expected after the most-active contract reached its highest price since July 1, analyst said. * Market chatter about Chinese demand for grain last week, along with wheat purchases by other importers, help underpin markets. * An importer group in the Philippines is believed to have bought about 50,000 to 60,000 tonnes of feed wheat expected to be sourced from Australia, European traders said. * Ukraine's grain exports in the first week of July fell 30% from last year, the agriculture ministry said. * CBOT September soft red winter wheat futures overnight rose 10-1/4 cents to $9.01-3/4 a bushel. K.C. September hard red winter wheat gained 13-3/4 cents to $9.59-1/2, and MGEX September spring wheat increased 21-3/4 cents to $10.13-1/2. CORN - Up 17 to 20 cents per bushel * Forecasts for dry conditions in parts of the U.S. Midwest during the key pollination period boost corn futures, analysts said. * After some weekend rains, storms look much spottier over the next two weeks and moisture stress will likely expand, Commodity Weather Group said. * Money managers slashed net long positions in corn. * CBOT September corn futures overnight were up 19 cents at $6.52-1/4 a bushel. New-crop December corn jumped 19 cents to $6.42-1/2. SOYBEANS - Up 18 cents to 22 cents per bushel * Concerns about stressful U.S. crop weather, along with bargain buying and technical buying, support soybeans, analysts said. * Traders adjust positions before USDA issues monthly crop data on Tuesday that could tighten U.S. 2022/23 soybean carryout. * CBOT August soybeans rose 18 cents to $15.31-1/4 a bushel overnight. November soybeans advanced 19-1/4 cents to $14.15-3/4. (Reporting by Tom Polansek in Chicago; editing by Jonathan Oatis)

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