CBOT Trends-Wheat and soybeans down 1-2 cents, corn steady-down 1

CHICAGO, Oct 9 (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 Monday.

NOTE: The U.S. Department of Agriculture’s weekly grain inspections and crop progress reports are delayed until Tuesday due to Monday’s Columbus Day holiday, although CBOT grain markets trade on a normal schedule.

Trade awaits the USDA‘s monthly supply/demand reports on Thursday.

WHEAT – Down 1 to 2 cents per bushel

Lower on technical selling and a lack of fresh supportive news. Beneficial rains in the U.S. Midwest and Plains winter wheat belts add to bearish sentiment.

* Analysts expect the USDA in its monthly supply/demand reports on Thursday to raise its forecast of U.S. 2017/18 wheat ending stocks.

* CBOT December soft red winter wheat last traded down 2-1/4 cents at $4.41-1/4 per bushel, K.C. December hard red winter wheat was last down 2 cents at $4.34-3/4 while MGEX December spring wheat was down 3-1/2 cents at $6.20-1/4.

CORN – Steady to down 1 cent per bushel

Flat to weaker, with an early retreat in soybeans lending pressure. Market underpinned by a slowdown in U.S. harvest progress due to rain in some areas, but plentiful supplies and rising U.S. crop estimates keep a lid on rallies.

* Analysts expect the USDA in its monthly supply/demand reports on Thursday to raise its U.S. corn yield estimate but trim its forecast of U.S. 2017/18 corn ending stocks.

* CBOT December corn last traded unchanged at $3.50 per bushel.

SOYBEANS – Down 1 to 2 cents per bushel

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Turned lower on technical selling, retreating from early strength after the November contract failed to push through chart resistance at its 200-day moving average. Market underpinned by wetter pattern in the U.S. Midwest this week that should slow harvest progress.

* Analysts expect the USDA in its monthly supply/demand reports on Thursday to raise its U.S. soybean yield estimate but lower its forecast of U.S. 2017/18 soybean ending stocks.

CME Group reported 66 soymeal deliveries and 57 soyoil deliveries against CBOT October futures.

* CBOT November soybeans last traded down 1-3/4 cents at $9.70-1/2 a bushel. (Reporting by Julie Ingwersen)

 
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