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CBOT trends - corn mixed, soy steady-up 2 cents; wheat down 5-7 cents

Reuters, 28.07.20


CHICAGO, July 27 (Reuters) - Following are U.S. 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 cents to 7 cents per bushel

* Plentiful global supplies that chill overseas demand for U.S. exports pressure the wheat market. Some profit-taking also expected after strong gains in three of the last four trading sessions.

* IKAR raised its forecast for Russia's 2020 wheat crop to 78 million tonnes from the previously expected 76.5 million tonnes due to high yields in some regions.

* Benchmark CBOT September soft red winter wheat contract dropped below its 200-day moving average during overnight trading.

* CBOT September soft red winter wheat last traded 7 cents lower at $5.32-1/2 a bushel. K.C. September hard red winter wheat last traded down 5-1/2 cents at $4.44 a bushel and MGEX September spring wheat was last 3-3/4 cents lower at $5.11-1/2 per bushel.

CORN - Mixed, up 2 cents to down 2 cents per bushel

* Recent signs of strong export demand from China underpin the corn market. Good weather for crop development in U.S. Midwest seen limiting gains after some weekend rains in key growing areas.

* Consolidation trade for benchmark CBOT December corn futures contract noted around 10-day moving average overnight.

* CBOT December corn last traded 1/4 cent lower at $3.34-3/4 per bushel.

SOYBEANS - Steady to up 2 cents per bushel

* Soybean market stabilizing. Concerns about rising tensions between Beijing and Washington keep optimism about soybean market in check despite recent flurry of export deals.

* Private exporters reported the sale of 132,000 tonnes of soybeans to China and 250,371 tonnes of soybeans to Mexico for delivery in the 2020/21 marketing year, the U.S. Agriculture Department said.

* CBOT November soybean futures turned higher after finding support overnight near Friday's low of $8.94-3/4 a bushel.

* CBOT November soybeans last traded up 3/4 cent at $9.00 per bushel.



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