Following are US trade expectations for the opening of grain and soya complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday.
Wheat down 7 cents to 10 cents per bushel. Wheat sank to one-week low during overnight trading session on pressure from strong competition on the export market. Profit-taking also expected to weigh on wheat market for second day in a row.
Benchmark CBOT July soft red winter wheat during the overnight trading session held support at the 23.6% retracement point on a Fibonacci chart tracking its recent rally to its highest since Dec. 13.
An Egyptian state tender for wheat attracted the lowest offer of $196.86 per tonne for 55,000 tonnes of Russian wheat, traders said on Wednesday. There was no US wheat offered in the tender.
CBOT July wheat last traded down 8-3/4 cents at $5.22-3/4 a bushel. K.C. July hard red winter wheat fell 9-1/2 cents at $4.56, and MGEX July spring wheat was 6 cents lower at $5.46-1/4.
Corn down 2 cents to 4 cents per bushel. Follow-through selling expected after Tuesday's decline, the first in five sessions, as traders continue to take profits from the corn market's rally to a five-year high.
Benchmark CBOT July corn futures fell below its five-day moving average during overnight trading.
CBOT July corn last traded down 3 cents at $4.46-3/4 per bushel.
Soyabeans down 4 cents to 6 cents per bushel.Profit-taking setback expected. Soyabean futures have risen for seven straight sessions and hit a 3-1/2-month high on Tuesday. Concerns about planting delays leading to smaller-than-expected acreage continue to underpin the market, limiting declines.
Consolidation trade for CBOT July soyabean futures contract noted at 200-day moving average overnight. CBOT July soyabeans last traded 6-1/4 cents lower at $9.07-1/4 per bushel.
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