Wheat up 10-12 cents, soy up 5-7 cents, corn up 1-3 cents
- Egypt has canceled an international tender to buy wheat with no purchase made, the country's state grain buyer said.
- The CBOT's most-active corn contract gained in overnight trading in anticipation of a tightened supply and demand picture in Tuesday's USDA report.
CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Tuesday.
WHEAT - Up 10 to 12 cents per bushel
Most-active CBOT soft red winter wheat contracts lifted overnight ahead of the US Department of Agriculture's monthly supply and demand report Tuesday at 11 a.m. (1700 GMT), while supported by news that Russia is considering an increase in its wheat export tax, which goes into effect on Feb. 15.
Wheat was up after four sessions of lower trading.
Egypt has canceled an international tender to buy wheat with no purchase made, the country's state grain buyer said.
CBOT March soft red winter wheat last traded up 11-3/4 cents at $6.46-1/2 per bushel. K.C. March hard red winter wheat gained 9-3/4 cents to $6.03-3/4 per bushel. MGEX March spring wheat was last 6-1/2 cents higher at $6.12-1/2 per bushel.
CORN - Up 1 to 3 cents
The CBOT's most-active corn contract gained in overnight trading in anticipation of a tightened supply and demand picture in Tuesday's USDA report.
Farmers in Argentina have gone on strike, refusing to sell crops in protest of the government's recent export restrictions that temporarily cap daily international sales at 30,000 tonnes.
The Trump administration is expected to grant waivers to some oil refiners that would exempt them from requirements to blend biofuels into their fuel mix.
CBOT March corn was last up 1-3/4 cents at $4.94 per bushel.
SOYBEANS - Up 5 to 7 cents per bushel
Soybeans up modestly, underpinned by low global stocks expected to be reported by the USDA on Tuesday.
The CBOT's most-active soybean contract was just below new 6-1/2 year highs set Monday.
Exporters sold 120,000 tonnes of soybeans for delivery to unknown destinations during the 2020/2021 marketing year, according to the USDA.
Argentina has received spotty rainfall, mostly in northern parts of the country, supporting developing crops there.
Malaysian palm oil futures hit a one-week low on Tuesday on concerns of weak demand and a sharp decline in January exports.
CBOT March soybeans were last up 6-1/4 cents at $13.78-3/4 per bushel.
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