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CBOT Trends-Soybeans down 5-6 cents, corn down 1-2, wheat mixed

Reuters, 18.10.17

CHICAGO, Oct 17 (Reuters) - Following are U.S. trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Mixed, up 1 cent per bushel to down 1 cent

Narrowly mixed as trade balances pressure from plentiful global wheat supplies and a large Russian crop with support from fund-driven short-covering.

* Russian agriculture consultancy IKAR raised its estimate range for Russia's wheat crop to 83.2 million to 83.7 million tonnes, from its previous range of 82.5 million to 83.5 million.

* The U.S. Department of Agriculture said the U.S. 2018 winter wheat crop was 60 percent planted by Sunday, behind the five-year average of 71 percent.

* CBOT December soft red winter wheat last traded down 1/4 cent at $4.36-1/4 per bushel, K.C. December hard red winter wheat was last down 1/2 cent at $4.33-1/4 while MGEX December spring wheat was up 2-3/4 cents at $6.12-1/4.

CORN - Down 1 to 2 cents per bushel

Lower amid sideways trend. CBOT December corn is hovering above its contract low of $3.42-1/2, anchored by the expanding harvest of a bumper U.S. crop. Forecasts call for mostly dry weather this week that should promote harvest progress ahead of weekend showers. Fresh export demand may lend support.

* The USDA said private exporters sold 146,000 tonnes of U.S. corn to unknown destinations and another 115,000 tonnes to Mexico, all for delivery in the 2017/18 marketing year that began Sept. 1.

* The USDA late Monday said the U.S. corn harvest was 28 percent complete, lagging the five-year average of 47 percent and an average of trade expectations for 31 percent.

* CBOT December corn last traded down 1-1/4 cents at $3.49-1/4 per bushel.

SOYBEANS - Down 5 to 6 cents per bushel

Heading lower for a second session on profit-taking after Friday's surge above $10 a bushel in the November contract, and pressure from the expanding U.S. harvest. Forecasts call for mostly dry weather in the Midwest this week, ahead of showers this weekend.

* The USDA said the U.S. soybean harvest was 49 percent complete as of Sunday, behind the five-year average of 60 percent and in line with trade expectations.

* Brazilian soy producers had planted 12 percent of their 2017/2018 crop through Thursday, in line with a five-year average, amid lack of rain in key producing regions, consultancy AgRural said on Monday.

* CBOT November soybeans last traded down 5-1/2 cents at $9.85-1/2 a bushel.

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