CBOT Trends-Wheat down 1-2 cents, corn and soybeans up 1-2 cents

By Reuters News

CHICAGO, Oct 22 (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 - Down 1 to 2 cents per bushel

  • CBOT wheat drifted lower ahead of the daily pause in trade but stayed above a three-month low set a day earlier. Traders continued to monitor disruptions to Black Sea grain exports caused by Russia's war against Ukraine as a new round of diplomatic talks raised expectations of a potential de-escalation.

  • The US Department of Agriculture reported net export sales of US wheat in the week ended October 15 at 239,600 metric tons, below a range of trade expectations for 250,000 to 550,000 tons.

  • CBOT December soft red winter wheat was last down 1-3/4 cents at $6.26-1/2 per bushel. K.C. December hard red winter wheat was last down 2-3/4 cents at $6.70-1/4 per bushel, and Minneapolis December spring wheat was last down 2 cents at $6.49-1/2 per bushel.

CORN - Up 1 to 2 cents per bushel

  • CBOT corn firmed in early moves, consolidating above three-month lows set on Wednesday. Support from higher crude oil futures lent support, reflecting corn's use as a feedstock for ethanol. But pressure from the advancing US harvest kept a lid on rallies.

  • The USDA reported net export sales of US corn in the week ended October 15 at 1,527,100 metric tons, above a range of trade expectations for 700,000 to 1,500,000 tons.

  • US weather conditions look mostly dry and favorable for harvesting this week, analysts said.

  • CBOT December corn was last up 1-3/4 cents at $4.65 per bushel.

SOYBEANS - Up 1 to 2 cents per bushel

  • CBOT soybeans firmed on bargain-buying one day after falling to a near two-month low. Strength in corn and crude oil lent support, given soyoil's role as a feedstock for biodiesel. A string of recent export sales of US soybeans to China lent support.

  • The USDA reported net export sales of US soybeans in the week ended October 15 at 2,841,200 metric tons, up noticeably from the prior four-week average but in line with trade expectations for 1,800,000 to 3,000,000 tons.

  • Under its daily reporting rules, the USDA confirmed private sales of another 202,000 metric tons of US soybeans to top importer China.

  • CBOT Novembr soybeans were last up 1-3/4 cents at $12.47 per bushel.

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