CBOT Trends-Wheat down 9-19 cents, corn down 2-12, soy down 12-17

By Reuters News

CHICAGO, Sept 25 (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 Friday.

WHEAT - Down 9 to 19 cents per bushel

  • CBOT wheat futures dropped for a fourth straight session, sliding more than 2%, with prices pressured by diplomatic efforts to ease war disruption to Black Sea exports.

  • Ukrainian President Volodymyr Zelenskiy said the United States had proposed that the United Arab Emirates host a trilateral meeting with Ukraine and Russia to discuss efforts to end the conflict, while the Kremlin said a trilateral meeting could happen soon.

  • The most-traded CBOT wheat contract was down 2.4% at $6.90-1/4 a bushel at 1118 GMT, as it fell below the $7 threshold for the first time in a month.

  • CBOT December soft red winter wheat was last down 19-1/2 cents at $6.87-1/2 per bushel. K.C. December hard red winter wheat was down 20 cents to $7.47 a bushel. Minneapolis December spring wheat was last down 13-1/2 cents at $7.06-3/4 a bushel.

CORN - Down 2 to 12 cents

  • CBOT corn futures turned lower on a lack of news from the US-China summit about additional Chinese commitments to buy US agricultural commodities.

  • A two-month high for the dollar index this week curbed export prospects for US grain, before it eased back on Friday. Weekly grain export sales data released on Thursday came below market expectations.

  • Ukrainian President Volodymyr Zelenskiy said that India, Turkey, Egypt and other Middle Eastern countries were taking part in talks on unblocking shipping in the Black Sea.

  • Oil prices fell more than 1%.

  • CBOT December corn was last 12-1/4 cents lower at $5.15-1/4 per bushel.

SOYBEANS - Down 12 to 17 cents per bushel

  • CBOT soybean futures slid on trade disappointment over a lack of fresh news from the closely watched US-China summit.

  • The highly anticipated summit has so far not yielded further Chinese commitments to buy US agricultural goods. The US announced a two-month extension to the countries' overall trade truce.

  • The soybean market has been underpinned by a rally in soymeal , which hit a two-year peak on Thursday on tightening US supply in the spot market.

  • Soybean processors in the western US Midwest are offering hefty premiums for immediate deliveries of the oilseed as persistent rains delay the early harvest, tightening supplies and forcing some plants to scale back production, according to interviews with grain merchandisers and publicly reported company data.

  • Weather forecasters are calling for a widespread storm system to reach the US Plains and the western two-thirds of the Midwest, bringing heavy rain through the weekend and potentially adding additional delays to this fall's corn and soybean harvest.

  • CBOT November soybeans were last down 17-1/2 cents at $13.00 per bushel.

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