US MIDDAY: Corn down 6-7 cents, wheat down 5-7 cents, soyabeans down 3-7 cents

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. CDT (1330 GMT) on Monday.

WHEAT - Down 5 to 7 cents per bushel

Wheat futures eased, following corn and soyabeans lower as beneficial rains fell across much of the US Midwest, though much of the US wheat crop was already stunted from drought earlier in the year.

Russian wheat prices rose last week on strong demand from importers and domestic buyers as well as a worsening outlook for the global crop, analysts said.

CBOT September soft red winter wheat was last down 5-1/2 cents at $7.13-1/2 per bushel; K.C. September hard red winter wheat fell 5 cents to $7.00-3/4 per bushel, and MGEX September spring wheat firmed 1-1/4 cents to $9.17-1/2 per bushel.

CORN - Down 6 to 7 cents per bushel

Corn eases overnight after rainfall across much of the US Midwest offered much needed moisture to crops, while analysts assess US and South American production ahead of the US Agriculture Department’s monthly supply and demand estimates, due Thursday.

Ahead of the USDA’s supply and demand report, analysts predict the agency will peg the US corn crop yield at an average of 177.6 bushels per acre, producing 15.004 billion bushels in total, a 200 million bushel drop from the agency’s July report.

Analysts also predicted the USDA’s assessment of Brazil’s corn crop to fall to 88.72 million tonnes, falling more than 4 million tonnes from its July report.

Brazilian farmers have harvested 58% of their second corn crop in the center south, a nine point improvement from the prior week but 12 points lower than the same period in 2020, according to a statement from agribusiness consultancy AgRural.

CBOT December corn last traded down 6 cents at $5.50-1/2 per bushel.

SOYABEANS - Down 3 to 7 cents per bushel Rainfall across much of the US Midwest over the weekend pressured the soybean market overnight, benefitting crops during a crucial developmental stage.

• Exporters sold 104,000 tonnes of soyabeans for delivery to unknown destinations during the 2021/2022 marketing year, according to the USDA.

Ahead of the USDA’s monthly supply and demand report, traders predicted the agency will peg US soybean yield at an average of 50.4 bushels per acre, producing 4.375 billion bushels in total, down 400 million bushels from the agency’s July assessment.

CBOT November soyabeans were last down 6-1/2 cents at $13.30-1/4 per bushel.