Wheat down 5-7 cents, corn down 3-5 cents, soy flat to down 3 cents
DBA•Wheat futures were expected to fall 5 to 7 cents per bushel, corn 3 to 5 cents, and soybeans to be flat to down 3 cents as trading resumed at the CBOT.
1. Grains ease
Wheat and corn futures pulled back from recent highs as traders booked profits and the U.S. harvest advanced. Soybeans were pressured by harvest progress, while traders assessed yields and possible rain damage to crop quality.
2. Crop estimates ahead
Traders awaited USDA crop data due Friday. Analysts expected U.S. wheat ending stocks of 721 million bushels, corn production of 15.721 billion bushels and soybean production of 4.534 billion bushels.
3. Market factors
Wheat traders weighed disruptions to Black Sea exports against rising Russian shipments through alternative routes, while a stronger dollar made U.S. farm products less attractive to importers. Traders also watched for signs of Chinese demand as a week-long holiday ended.
