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

By Reuters News

CHICAGO, Oct 15 (Reuters) - The following are expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Thursday.

WHEAT - Up 2 to 4 cents per bushel

  • CBOT wheat firmed as traders assessed the latest attacks on Black Sea shipping.

  • Prices have shown only slight reactions to attacks in the western Black Sea, including a strike on two chemical tankers in Romanian territorial waters on Thursday that Romanian officials attributed to Russian drones. GRA/

  • Concerns about disruption to Black Sea trade because of Russia's war with Ukraine have been tempered by increased shipments of Russian wheat through alternative Baltic routes.

  • A rally in the dollar index , which hit an 18-month high on Wednesday before easing on Thursday, had a negative effect on export prospects for US wheat. A higher dollar tends to make US exports more expensive and less competitive to holders of other currencies.

  • CBOT December soft red winter wheat was last up 2-1/2 cents at $6.75-3/4 per bushel. K.C. December hard red winter wheat was last up 2-3/4 cents at $7.17-3/4 per bushel, and Minneapolis December spring wheat last traded 1/4 cent higher at $6.92-1/2 per bushel.

CORN - Steady to up 1 cent per bushel

  • CBOT corn traded near flat as traders monitored US harvest results.

  • The corn market remained pressured by last Friday's unexpected increase to the USDA's forecast of this year's US corn production. GRA/

  • This week's showers, which could keep corn harvesting sluggish after farmers focused on soybeans last week, have nonetheless underpinned prices.

  • Harvest was 33% complete as of Sunday, USDA said on Tuesday, below analysts' expectations of 38%.

  • CBOT December corn was last traded flat at $4.80-3/4 per bushel.

SOYBEANS - Down 3 to 4 cents per bushel

  • CBOT soybeans extended their decline on Thursday to touch a seven-week low as progress in harvesting what is forecast to be a record US crop offset support from renewed Chinese demand. GRA/

  • The US soybean harvest was 46% complete as of Sunday, compared to analysts' estimates of 44%.

  • Brazil's 2026/27 soybean output is expected to reach a record 181.6 million metric tons, crop agency Conab said on Thursday, up 0.7% from the previous season, driven by a 1.4% increase in planted area to 49.3 million hectares (121.8 million acres).

  • Chinese government buyers booked 8 to 10 cargoes of US soybeans on Tuesday for shipment in December and beyond, traders told Reuters. The USDA confirmed private sales of 470,000 metric tons to China in a daily export sales announcement on Wednesday.

  • Expectations for Chinese purchases have been tempered by the absence of a tariff reduction for US supplies after a September bilateral summit, and given sluggish overall Chinese demand.

  • CBOT November soybeans were last down 4 cents at $12.73-1/4 per bushel.

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